Question: during january 2018 the following transactions occur january 2 provide...
During January 2018, the following transactions occur:
|January||2||Provide services to customers for cash, $48,100.|
|January||6||Provide services to customers on account, $85,400.|
|January||15||Write off accounts receivable as uncollectible, $3,100.|
|January||20||Pay cash for salaries, $32,700.|
|January||22||Receive cash on accounts receivable, $83,000.|
|January||25||Pay cash on accounts payable, $6,800.|
|January||30||Pay cash for utilities during January, $15,000.|
The following information is available on January 31, 2018.
- The company estimates future uncollectible accounts. The company determines $4,200 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
- Supplies at the end of January total $900.
- Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
- Unpaid salaries at the end of January are $34,800.