![Required Information [The following information applies to the questions displayed below.] The general ledger of Pops Firewo](https://www.subjectmate.com/img/openquestion/978uid1627899981mceclip0.png)
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Required Information [The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances in 2021: Credit Debit $ 22,200 44, eee $ 3,200 8, 2ee 20, Bee 9e, eee Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 13,308 126,000 30,400 125,809 71,400 25,709 17,200 $298,700 $298,709 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $12,898. All services on account include terms 2/18, n/30. June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $7,580. November 15 Write off customer accounts of $2,000 as uncollectible.
1 N 3 > Record the services provided to customers on account, $12,000. Note: Enter debits before credits.
< 1 2. 3 ל Record the cash received from the customer with sales discount against the receivable on account, $7,500.
1 2 ليبيا Record the accounts receivable written off as uncollectible, $2,000.
2. Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. b. Accrue interest on the note receivable of $20,000, which was accepted on October 1, 2021. Interest is due each September 30. View transaction list Journal entry worksheet < 1 2 Record the estimate of future bad debts. Note: Enter debits before credits
2. Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. b. Accrue interest on the note receivable of $20,000, which was accepted on October 1, 2021. Interest is due each September 30. View transaction list Journal entry worksheet < 1 2 Record the interest accrued on note receivable. Note: Enter debits before credits.
3. Prepare an adjusted trial balance as of December 31, 2021. POP'S FIREWORKS Adjusted Trial Balance December 31, 2021 Debit Accounts Credit Totals
4. Prepare an income statement for the period ended December 31, 2021. (Amounts to be deducted should be Indicated with a minus sign.) POP'S FIREWORKS Income Statement For the year ended December 31, 2021 Revenues: Net revenues Expenses Total Expenses Net Income
5. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be Indicated with a minus slgn.) POP'S FIREWORKS Balance Sheet December 31, 2021 Assets Liabilities Total Current Assets Total Current Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets
8. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet < 1 2 > Record the closure of revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Jan 21, 2021
6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 1 2 > Record the closure of expense accounts. Note: Enter debits before credits. General Journal Debit Credit Date Jan 31, 2021
7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2021? b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? a. b. Bad Debt Expense Ending Balance of Allowance for Uncollectible Accounts Amount expected to be collected c.
