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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 $ |
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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 |
Check my On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 26,900 Accounts Receivable 15,100 Allowance for Uncollectible Accounts $ 3,800 Supplies 4,000 Notes Receivable (6%, due in 2 years) 19,000 Land 80,400 Accounts Payable 8,700 Common Stock 99,000 Retained Earnings 33,900 Totals $ 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...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,100 14,700 $ 3,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,600 15,000 80,000 7,900 95,000 33,500 $139,400 $139,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400....
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,900 15,109 $ 3,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 4,000 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,...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Accounts $ 24,300 Cash 13,800 Accounts Receivable Allowance for Uncollectible Accounts 1,200 Supplies Notes Receivable (6%, due in 2 years) 2,700 22,000 Land 77,200 Accounts Payable Common Stock 8,200 98,000 Retained Earnings 32,600 $140,000 $140,000 Totals During January 2021, the following transactions occur: 2 Provide services to customers for cash, $37,100 6 Provide services to customers on account, $74,400 January 15 Write...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Question: Record the closing entry for expenses. On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 25,500 14,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts 2,400 Supplies Notes Receivable (6%, due in 2 years) 3,300 28,000 77,800 Land Accounts Payable Common Stock 9,400 104,000 33,200 Retained Earnings $149,000 $149,000 Totals During January 2021,...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit $ 25, 900 14, 600 $ 2, 800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,500 30,000 78,000 9,800 106,000 33, 400 $152,000 $152,000 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $45, 100. January 6 Provide services to...
closing expense account, Thank you On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances Credit Debit $ 27,900 15,600 $ 4. see Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 4,500 24.ee 89,90 14.000 4,400 $152.9ee During January 2021, the following transactions occur January 2 Provide services to customers for cash, $55,100. January 6 Provide services to...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $ 4,200 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 9,100 Common Stock 101,000 Retained Earnings 34,100 Totals $ 148,400 $ 148,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26, 100 14,700 $ 3,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,600 15,000 80,000 7,900 95,000 33,500 $139,400 $139,400 During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account,...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,100 14,700 $ 3,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,600 15,000 80,000 7,900 95,000 33,500 $139,400 $139,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400....