Answer Happy

Journal entry worksheet 1 2 3 5 The company estimates future uncollectible accounts. The company determines $31,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts Note: Enter debits before credits. Date General Journal Debit Credit January 31 Bad Debt Expense Allowance for Uncollectible Accounts
Land 66,000 25,000 Equipment 3,500 Accumulated Depreciation Accounts Payable 30,500 Notes Payable (68, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $$3,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,800. January 30 Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units. sold is $89,500. January 31 Pay cash for monthly salaries, $54,000.
Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following accoun balances: Accounts Debit Credit Cash $ 27,100 Accounts Receivable 50,200 Allowance for Uncollectible $ 6,200 Accounts Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (68, due April 1, 70,000 2022) Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $190,300.