ces Exercise 3-21 (Algo) Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2024,...

  
 

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ces Exercise 3-21 (Algo) Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable. Supplies Land: Accounts Payable Common Stock Retained Earnings Totals Debit $24,300 5,700 3,600 55,000 $88,600 Credit $3,700 70,000 14,900 $88,600 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January 13 Provide services to customers on account, $26,000. January 17 Receive cash in advance from customers for services to be provided in the future, $4,200. January 20 Pay cash for salaries, $12,000. January 22 January 29 Receive cash on accounts receivable, $24,600. Pay cash on accounts payable, $4,500. es Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $3,300. All other supplies have been used. c. By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,450. 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare an income statement for the period ended January 31, 2024. 5. Prepare a classified balance sheet as of January 31, 2024. 6. Record closing entries. 7. Analyze the following features of Dynamite Fireworks financial condition: Accounts DYNAMITE FIREWORKS Adjusted Trial Balance January 31, 2024 Totals Debit $ 0 $ < Req 2 Credit 0 4 Req 4 > ces Exercise 3-21 (Algo) Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable. Supplies Land: Accounts Payable Common Stock Retained Earnings Totals Debit $24,300 5,700 3,600 55,000 $88,600 Credit $3,700 70,000 14,900 $88,600 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January 13 Provide services to customers on account, $26,000. January 17 Receive cash in advance from customers for services to be provided in the future, $4,200. January 20 Pay cash for salaries, $12,000. January 22 January 29 Receive cash on accounts receivable, $24,600. Pay cash on accounts payable, $4,500. es Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $3,300. All other supplies have been used. c. By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,450. 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare an income statement for the period ended January 31, 2024. 5. Prepare a classified balance sheet as of January 31, 2024. 6. Record closing entries. 7. Analyze the following features of Dynamite Fireworks financial condition: Accounts DYNAMITE FIREWORKS Adjusted Trial Balance January 31, 2024 Totals Debit $ 0 $ < Req 2 Credit 0 4 Req 4 >

Answer rating: 100% (QA)

Solution Date Jan 1 Account Titles and Explanation Stock I... View the full answer