1. Business
  2. Accounting
  3. during january 2018 the following transactions occur january 2 provide...

Question: during january 2018 the following transactions occur january 2 provide...

Question details

On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances Accounts Cash Accounts

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.

  1. 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.)
  2. Supplies at the end of January total $900.
  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 $34,800.

Journal entry worksheet 3 4 6 13 Provide services to customers for cash, $48,100. Note: Enter debits before credits. Date Gen

3D Family Fireworks Income Statement For Month Ended January 31, 2018 Revenue Total Revenue Expenses Total Expenses

3D Family Fireworks Balance Sheet January 31, 2018 Assets Liabilities Current Assets Current Liabilities Total Current Liabil

Analyze how well 3D Family Fireworks manages its receivables Calculate the receivables turnover ratio for the month of Januar

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution