Question

help me answer the journal entiries 1-13

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances Credit Debit $ 26,900 15,100 $ 3,800 4,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 19,000 80,400 8,700 99,000 33,900 $145,400 $145,400 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $50, 100. January 6 Provide services to customers on account, $87,400. January 15 Write off accounts receivable as uncollectible, $3,500. January 20 Pay cash for salaries, $32,900. January 22 Receive cash on accounts receivable, $85,000.

Answer 1

1) Journal entry to provide services to customers for cash $50,100

Date	General Ledger	Debit($)	Credit($)
Jan 02,2021	Cash	50,100
	Service Revenue		50,100

Being cash received for providing services to customers.

2) Provide services to customers on account $87,400

Date	General Ledger	Debit($)	Credit($)
Jan 06,2021	Debtors	87,400
	Service Revenue		87,400

Being services provided to customer on account ie, on credit.

3) Write of Accounts Receivable as uncollectible, $3,500

Date	General Ledger	Debit($)	Credit($)
Jan 15,2021	Bad Debt	3,500
	Accounts Receivable		3,500

Being Bad debts written off.

4) Pay cash for salaries, $32,900

Date	General Leder	Debit($)	Credit($)
Jan 20,2021	Salaries	32,900
	Cash		32,900

Being salaries paid for cash.

5) Receive cash on accounts receivable, $85,000

Date	General Ledger	Debit($)	Credit($)
Jan 22,2021	Cash	85,000
	Accounts Receivable		85000

Being cash received on accounts receivable.

6) Pay cash on accounts Payable, $7,000

Date	General Ledger	Debit($)	Credit($)
Jan 25,2021	Accounts Payable	7,000
	Cash		7,000

Being cash paid on accounts payable.

7) Pay cash for utilities $15,200

Date	General Ledger	Debit($)	Credit($)
Jan 30,2021	Utilities Expense	15,200
	Cash		15,200

8 a) The company estimates future uncollectible accounts. The company determines $4,400 of accounts receivable on Jan 31 are past due and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on Jan 31 are not past due and 5% of these accounts are estimated to be uncollectible. (Hint: Use the Jan 31 accounts receivable balance calculated in the general ledger)

Bad Debts - a) On past due 4,400*20/100=800

b) On not past due (15,100-4,400-3,500)*5/100=360

Total Bad debt - 800+360=1,160

Date	General Ledger	Debit($)	Credit($)
Jan 31,2021	Bad Debt	1,160
	Accounts Receivable		1,160

Being bad debts written off against accounts receivable.

8 b) Supplies at the end of Jan $700

Date	General Ledger	Debit($)	Credit($)
Jan 31,2021	Supplies Expense	3,300
	Supplies		3,300

Being the supplies reduced to $700 so an adjustment entry is passed.

8 c) Accrued interest revenue on notes receivable for jan. Interest is expected to be received each December 31.

Notes Receivable - $19,000

Interest Rate - 6%

No of years- 2

Interest receivable per month-19,000*6/100*2/12=$190

The following journal entry needs to be passed on 31st Jan 2021.

Date	General Ledger	Debit($)	Credit($)
Jan 31,2021	Interest Receivable	190
	Interest		190

Since accrued interest on 31st jan 2021.

8 d) Unpaid salaries at the end of january $35,000

Date	General ledger	Debit($)	Credit($)
Jan 31, 2021	Outstanding Salaries	35,000
	Salaries		35,000

Being salaries are unpaid at the end of the month.