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Check my On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit
January 25 Pay cash on accounts payable, $7,890. January 30 Pay cash for utilities during January, $15,200. The following inf
Jurnar eruy WURST @ 0 0 The company estimates future uncollectible accounts. The company determines $4,400 of accounts receiv
Journa en y Worksheet < ..... 66 9 10 ..... 13 > Accrued interest revenue on notes receivable for January. Interest is expect
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3D Family Fireworks
Workings
Accounts Receivable Amount $
Opening Balance    15,100.00 A
Services on account    87,400.00 B
Accounts written off     (3,500.00) C
Cash received (85,000.00) D
Closing Balance    14,000.00 E=A+B+C+D
Uncollectible out of above
20% of 4,400         880.00 F
5% of balance i.e. 9,600         480.00 G
Allowance for Uncollectible accounts      1,360.00 H=F+G
Bad debt expense
Opening Allowance for Uncollectible accounts      3,800.00 I
Less: Accounts written off      3,500.00 See C
Allowance for Uncollectible accounts (before adjustment)         300.00 J=I-C
Allowance for Uncollectible accounts on 31 Jan, 2021      1,360.00 See H
Bad debt expense      1,060.00 K= H-J
Supplies Expense Amount $
Openings Supplies      4,000.00
Less: Closing Supplies         700.00
Supplies Expense      3,300.00
Interest Receivable on Note
Amount    19,000.00 L
Annual interest rate 6% M
Annual interest amount      1,140.00 N=L*M
Monthly interest amount            95.00 O=N/12
Journal Entry
Date Account Debit $ Bitmap Bitmap Bitmap Bitmap Bitmap Bitmap Bitmap Bitmap Bitmap
Credit $
31-Jan Bad debt expense     1,060.00
Allowance for Uncollectible accounts     1,060.00
31-Jan Supplies Expense     3,300.00
Supplies     3,300.00
31-Jan Interest Receivable          95.00
Interest Revenue          95.00
31-Jan Salaries Expense 35,000.00
Salaries Payable 35,000.00
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