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E5–21 On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts Debit Credit
Cash $ 23,900
Accounts Receivable 13,600
Allowance for Uncollectible Accounts $ 1,400
Supplies 2,500
Notes Receivable (6%, due in 2 years) 20,000
Land 77,000
Accounts Payable 7,200
Common Stock 96,000
Retained Earnings 32,400
Totals $137,000 $137,000
During January 2018, the following transactions occur:
January 2 Provide services to customers for cash, $35,100.
January 6 Provide services to customers on account, $72,400.
January 15 Write off accounts receivable as uncollectible, $1,000.
January 20 Pay cash for salaries, $31,400.
January 22 Receive cash on accounts receivable, $70,000.
January 25 Pay cash on accounts payable, $5,500.
January 30 Pay cash for utilities during January, $13,700.
Required:
1.
Record each of the transactions listed above.
2.
Record adjusting entries on January 31.
a.
At the end of January, $5,000 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $20,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts.
b.
Supplies at the end of January total $700.
c.
Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
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