! Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Credit Cash Debit $24,500 5,900 3,800 57,000 Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals $ 3,900 72,000 15,300 $91,200 $91,200 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $8,100 $675/month). January 9 Purchase additional supplies on account, $4,200. January 13 Provide services to customers on account, $26,200. January 17 Receive cash in advance from customers for services to be provided in the future, $4,400. January 20 Pay cash for salaries, $12,200. January 22 Receive cash on accounts receivable, $24,800. January 29 Pay cash on accounts payable, $4,700. Exercise 3-21A Part 3 3. Prepare an adjusted trial balance as of January 31, 2021. DYNAMITE FIREWORKS Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Land 57,000 Accounts Payable Deferred Revenue Service Revenue Salaries Payable Supplies Expense Rent Expense Salaries Expense Common Stock Retained Earnings 72,000 15,300 87,300 Totals $ 57,000 $ Exercise 3-21A Part 4 4. Prepare an income statement for the period ended January 31, 2021. DYNAMITE FIREWORKS Income Statement For the year ended January 31, 2021 Revenues: Expenses: Total Expenses 0 5. Prepare a classified balance sheet as of January 31, 2021. DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current liabilities 0 Total current assets 0 Stockholder's Equity Long-term assets: 0 Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 0 $ 0