On January 1, 2021, the general ledger of 3D Family

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:

During January 2021, the following transactions occur:

1. January 2 Provide services to customers for cash, $35,100.
2. January 6 Provide services to customers on account, $72,400.
3. January 15 Write off accounts receivable as uncollectible, $1,000.
4. January 20 Pay cash for salaries, $31,400.
5. January 22 Receive cash on accounts receivable, $70,000.
6. January 25 Pay cash on accounts payable, $5,500.
7. January 30 Pay cash for utilities during January, $13,700.

The following information is available on January 31, 2021.
1. At the end of January, $5,000 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $20,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts.
2. Supplies at the end of January total $700.
3. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
4. Unpaid salaries at the end of January are $33,500.

Required:
1. Record each of the transactions listed above in the ‘General Journal’ tab (these are shown as items 1–7). Review the ‘General Ledger’ and the ‘Trial Balance’ tabs to see the effect of the transactions on the account balances.
2. Record adjusting entries on January 31. in the ‘General Journal’ tab (these are shown as items 8-11).
3. Review the adjusted ‘Trial Balance’ as of January 31, 2021, in the ‘Trial Balance’ tab.
4. Prepare an income statement for the period ended January 31, 2021, in the ‘Income Statement’ tab).
5. Prepare a classified as of January 31, 2021, in the tab.
6. Record closing entries in the ‘General Journal’ tab (these are shown as items 12 and 13).
7. Using the information from the requirements above, complete the ‘Analysis’ tab.

How Our Website Works

1. FILL IN OUR SIMPLE ORDER FORM

It has never been easier to place your order. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process.

2. PROCEED WITH THE PAYMENT

All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.

3. WRITER ASSIGNMENT

Next, we match up your order details with the most qualified freelance writer in your field.

4. WRITING PROCESS

Once we have found the most suitable writer for your assignment, they start working on a masterpiece just for you!

5. DELIVERY

Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it. Sometimes, the writer may leave a note for you about the order in case there is any additional information that they need to give you.

Leave a Reply

Your email address will not be published.