Old MathJax webview

13 Requlred Information Exercise 3-21B Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, Year 1, the general ledger of a company Includes the following account balances: Credit 2 points Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,600 7,990 4,990 68,899 $ 5,000 83,900 17,500 $195,500 $195,500 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $11,400 ($95e/month). January 9 Purchase additional supplies on account, $5,300. January 13 Provide services to customers on account, $27,300. January 17 Receive cash in advance from customers for services to be provided in the future, $5,5ee. January 28 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25,980. January 29 Pay Cash on accounts payable, $5,800. Exercise 3-21B Part 5 Part 5 of 7 5. Prepare a classified balance sheet as of January 31, Year 1. 2 points Balance Sheet January 31, Year 1 Assets Liabilities Current assets Current liabilities: References Total current liabilities Total current assets 0 Stockholder's Equity Long-term assets: 41 Total stockholders' equity Tota 335ets Total liabilities and stookholders equity Requlred Information Exercise 3-21B Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, Year 1, the general ledger of a company Includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Debit $ 25,600 7,000 4,900 68,000 83,000 $185,529 $105,500 During Year 1. the following transactions occur: Janwary 2 Purchase rental space for one year in advance, $11,488 ($950/month). January 9 Purchase additional supplies on account, 35,388. January 13 provide services to customers on account, $27.388. January 17 Receive cash in advance from customers for services to be provided in the future. 55,588. January 28 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25,980. January 29 Pay cash on accounts payable, $5,800