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Exercise 3-21A Part 1 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit Credit No 1 Date January 02 6,000 Prepaid Rent Cash 6,000 2 January 09 3,500 Supplies Accounts Payable 3,500 3 January 13 25,500 Accounts Receivable Service Revenue 25,500 4 January 17 3,700 Cash Deferred Revenue 3,700 5 5 January 20 11,500 Salaries Expense Cash 11,500 6 January 22 24,100 Cash Accounts Receivable 24,100 7 January 29 4,000 Accounts Payable Cash 4,000 Exercise 3-21A Part 2 Rent for the month of January has expired. Supplies remaining at the end of January total $2,800. . By the end of January, $3,200 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,800. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Date January 31 1 Rent Expense 500 Prepaid Rent 500 2 January 31 3,800 Supplies Expense Supplies 3,800 3 January 31 3,200 Deferred Revenue Service Revenue 3,200 4 January 31 5,800 Salaries Expense Salaries Payable 5,800 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: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $23,800 5,200 3,100 50,000 $ 3,200 65,000 13,900 $82,100 $82,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,000 ($500/month). January 9 Purchase additional supplies on account, $3,500. January 13 Provide services to customers on account, $25,500. January 17 Receive cash in advance from customers for services to be provided in the future, $3,700. January 20 Pay cash for salaries, $11,500. January 22 Receive cash on accounts receivable, $24,100. January 29 Pay cash on accounts payable, $4,000. Exercise 3-21A Part 3 3. Prepare an adjusted trial balance as of January 31, 2021. Credit DYNAMITE FIREWORKS Adjusted Trial Balance January 31, 2021 Debit $ 30,100 6,600 3,800 5,500 50,000 Accounts Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Salaries Payable Rent Expense Supplies Expense 2,700 3,200 65,000 13,900 5,800 500 3,800 Totals $ 96,000 $ 94,900 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: Service Revenue Deferred Revenue Expenses: Rent Expense Salaries Expense Supplies Expense 25,500 3,700 (500) (11,500) (3,500) Total Expenses Net Income (15,500) 13,700 $ Exercise 3-21A Part 5 5. Prepare a classified balance sheet as of January 31, 2021. DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Liabilities Assets Current assets: Cash Accounts Receivable Supplies 2,700 Current liabilities: $ 30,100 Accounts Payable 6,600 3,100 2,700 39,800 Total current assets Long-term assets: Land Equipment Total current liabilities Stockholder's Equity Common Stock Retained Earnings 65,000 31,500 50,000 6,000 Total stockholders' equity Total liabilities and stockholders' equity 96,500 $ 99,200 Total assets $ 95,800 Exercise 3-21A Part 6 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date January 31, Record entry Clear entry View general journal