On January $1,2024,$ the general ledger of a company includes the following account balances:

During January $2024,$ the following transactions occur:

January $2$ Purchase rental space for one year in advance, $$6,900($ $$\frac{575}{?}$ month$).$

January $9$ Purchase additional supplies on account, $$3,800.$

January $13$ Provide services to customers on account, $$25,800.$

January $17$ Receive cash in advance from customers for services to be provided in the future, $$4,000.$

January $20$ Pay cash for salaries, $$11,800.$

January $22$ Receive cash on accounts receivable, $$24,400.$

January $29$ Pay cash on accounts payable, $$4,300.$

Required:

Record each of the transactions listed above.

Record the adjusting entries on January $31.$

Rent for the month of January has expired.

Supplies remaining at the end of January total $$3,100.$ All other supplies have been used.

By the end of January, $$3,425$ of services has been provided to customers who paid in advance on January $17.$

Unpaid salaries at the end of January are $$5,590.$

Prepare an adjusted trial balance as of January $31,2024.$

Prepare an income statement for the period ended January $31,2024.$

Prepare a classified balance sheet as of January $31,2024.$

Record closing entries.

Analyze the following features of a company financial condition:

a$.$ What is the amount of profit reported for the month of January?

b$.$ Calculate the ratio of current assets to current liabilities $($the current ratio$)$ at the end of January.

c$.$ Based on a company profit and ratio of current assets to current liabilities, indicate whether a company appears to be in good or

bad financial condition.