On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts...
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On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Debit $ 23,800 5,200 Credit Land Accounts Payable Common Stock Retained Earnings Totals 3,100 50,000 $ 3,200 65,000 13,900 $ 82,100 $ 82,100 During January 2024, the following transactions occur. January 2 Purchase rental space for one year in advance, $6,000 ($500 per month). January 9 Purchase additional supplies on account, $3,500. January 13 Provide services to customers on account, $25,500. January 17 Receive cash in advance from customers for services to be provided in the future, $3,700. January 20 Pay cash for salaries, $11,500. January 22 Receive cash on accounts receivable, $24,100. January 29 Pay cash on accounts payable, $4,000. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $2,800. All other supplies have been used. c. By the end of January, $3,200 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,800. On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Debit $ 23,800 5,200 Credit Land Accounts Payable Common Stock Retained Earnings Totals 3,100 50,000 $ 3,200 65,000 13,900 $ 82,100 $ 82,100 During January 2024, the following transactions occur. January 2 Purchase rental space for one year in advance, $6,000 ($500 per month). January 9 Purchase additional supplies on account, $3,500. January 13 Provide services to customers on account, $25,500. January 17 Receive cash in advance from customers for services to be provided in the future, $3,700. January 20 Pay cash for salaries, $11,500. January 22 Receive cash on accounts receivable, $24,100. January 29 Pay cash on accounts payable, $4,000. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $2,800. All other supplies have been used. c. By the end of January, $3,200 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,800.
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