On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:Accounts Debit Credit Cash $27,500 Accounts Receivable 15,400 Allowance for Uncollectible Accounts $4,400 Supplies 4,300 Notes Receivable (6%, due in 2 years) 22,000 Land 80,700 Accounts Payable 9,300 Common Stock 102,000 Retained Earnings 34,200 Totals $149,900 $149,900 During January 2018, the following transactions occur:January 2 Provide services to customers for cash, $53,100 January 6 Provide services to customers on account, $90,400. 15 Write off accounts receivable as uncollectible, $4,100. January 20 Pay cash for salaries, $33,200 January 22 Receive cash on accounts receivable, $88,000 January 25 Pay cash on accounts payable, $7,300 January 30 Pay cash for utilities during January, $15,500. The following information is available on January 31, 2021. A. The company estimates future uncollectible accounts. The company determines $4,700 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. C. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. D. Unpaid salaries at the end of January are $35,300.Date General Journal Debit CreditJan 31 2021 Bad Debt Expense ? Allowance for Uncollectible Accounts ? Record the closing entry for revenue31 Jan 2021 ? ?Record the closing entry for expenses31 Jan 2021 ? ? ? ?
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On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balance...
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