Exercise 3-21B Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) (GL)

On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts	Debit				Credit
Cash	$	25,500
Accounts Receivable		6,900
Supplies		4,800
Land		67,000
Accounts Payable					$	4,900
Common Stock						82,000
Retained Earnings						17,300
Totals	$	104,200			$	104,200

During January Year 1, the following transactions occur:

January		2		Purchase rental space for one year in advance, $11,100 ($925/month).
January		9		Purchase additional supplies on account, $5,200.
January		13		Provide services to customers on account, $27,200.
January		17		Receive cash in advance from customers for services to be provided in the future, $5,400.
January		20		Pay cash for salaries, $13,200.
January		22		Receive cash on accounts receivable, $25,800.
January		29		Pay cash on accounts payable, $5,700.

The following information is available on January 31.

• Rent for the month of January has expired.
• Supplies remaining at the end of January total $4,500.
• By the end of January, $4,475 of services has been provided to customers who paid in advance on January 17.
• Unpaid salaries at the end of January are $4,610.

Journal entry worksheet 1 ..... 6 7 8 9 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date Account Title Jan 31 Service Revenue Retained Earnings Record entry Clear entry 10 11 Debit 12 13 Credit View general journal Journal entry worksheet Credit View general journal