Reference no: EM132513698

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:

Accounts: Cash $27,100 debit,

Accounts Receivable $15,200 debit,

Allowance for Uncollectible Accounts $4,000 credit,

Supplies $4,100 debit,

Notes Receivable (6%, due in 2 years) $20,000 debit,

Land $80,500 debit,

Accounts Payable $8,900 credit,

Common Stock $100,000 credit,

Retained Earnings $34,000 credit.

Totals $146,900 (debit) $146,900 (credit)

During January 2021, the following transactions occur:

1. January 2 Provide services to customers for cash, $51,100.
2. January 6 Provide services to customers on account, $88,400.
3. January 15 Write off accounts receivable as uncollectible, $3,700.
4. January 20 Pay cash for salaries, $33,000.
5. January 22 Receive cash on accounts receivable, $86,000.
6. January 25 Pay cash on accounts payable, $7,100.
7. January 30 Pay cash for utilities during January, $15,300.

The following information is available on January 31, 2021.

1. The company estimates future uncollectible accounts. The company determines $4,500 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
2. Supplies at the end of January total $750.
3. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
4. Unpaid salaries at the end of January are $35,100.

Question 1: Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)