Question

Adjusted Current Ass Current Liabil Total Current Liabilities 0 Total Current Assets Long term assets Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets

Answer 1

3D Family Fireworks Balance Sheet January 31, 2021
Assets	$	Liabilities	$
Current Assets		Current Liabilities
Cash	106,900	Accounts Payable	1,700
Accounts Receivable, net	12,640	Salaries Payable	35,000
Supplies	700	Total Current Liabilities	36,700
Interest Receivable	1,140
Total Current Assets	121,380	Long Term Liabilities	0
Long Term Assets		Total Liabilities	36,700
Notes Receivable	19,000	Stockholders Equity
Land	80,400	Common Stock	99,000
		Retained Earnings	35,080
		Total Stockholders Equity	184,080
Total Assets	220,780	Total Liabilities and Stockholders Equity	220,780

In the books of 3D Family Fireworks:

Date	Account Titles	Debit	Credit
		$	$
Jan 2	Cash	50,100
	Service Revenue		50,100
Jan 6	Accounts Receivable	87,400
	Service Revenue		87,400
Jan 15	Allowance for Uncollectible Accounts	3,500
	Accounts Receivable		3,500
Jan 20	Salaries Expense	32,900
	Cash		32,900
Jan 22	Cash	85,000
	Accounts Receivable		85,000
Jan 25	Accounts Payable	7,000
	Cash		7,000
Jan 30	Utilities Expense	15,200
	Cash		15,200
Adjusting Entries
a.	Bad Debt Expense	1,060
	Allowance for Uncollectible Accounts		1,060
b.	Supplies Expense	3,300
	Supplies		3,300
c.	Interest Receivable	1,140
	Interest Revenue		1,140
d.	Salaries Expense	35,000
	Salaries Payable		35,000