On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	25,300
Accounts Receivable		6,700
Supplies		4,600
Land		65,000
Accounts Payable					$	4,700
Common Stock						80,000
Retained Earnings						16,900
Totals	$	101,600			$	101,600

During January 2018, the following transactions occur:

January		2		Purchase rental space for one year in advance, $10,500 ($875/month).
January		9		Purchase additional supplies on account, $5,000.
January		13		Provide services to customers on account, $27,000.
January		17		Receive cash in advance from customers for services to be provided in the future, $5,200.
January		20		Pay cash for salaries, $13,000.
January		22		Receive cash on accounts receivable, $25,600.
January		29		Pay cash on accounts payable, $5,500.

The following information is available on January 31.

• Rent for the month of January has expired.
• Supplies remaining at the end of January total $4,300.
• By the end of January, $4,325 of services has been provided to customers who paid in advance on January 17.
• Unpaid salaries at the end of January are $4,750.

Create a General Journal

Income Statement Unadjusted, Adjusted, and Post-closing,

Balance Sheet

Answer rating: 100% (QA)

Opening Balances Account Title Debit Credit Cash 25300 Accounts Receivables 6700 Supplies 4600 Land ... View the full answer