Required 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: Accounts Debit Credit Cash $ 25, 3e0 Accounts Receivable 6,7ee Supplies 4,6ee Land 65,eee Accounts Payable $ 4,7ee Common Stock 89, cee Retained Earnings 16,988 Totals $191,6ee $191,600 During Year 1. the following transactions occur. January 2 Purchase rental space for one year in advance, $10,5ee ($875/month). January 9 Purchase additional supplies on account, $5,eee. January 13 Provide services to customers on account, $27,000. January 17 Receive cash in advance from customers for services to be provided in the future, $5,200. January 20 Pay cash for salaries, $13,080. January 22 Receive cash on accounts receivable, $25,680. January 29 Pay cash on accounts payable, $5,500. Exercise 3-21B Part 4 4. Prepare an income statement for the period ended January 31, Year 1. Income Statement For the year ended January 31, Year 1 Revenues: Expenses T Total Expenses