70.2K

Verified Solution

Link Copied!

1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-11).

3. Review the adjusted 'Trial Balance' as of January 31, 2021.

4. Prepare an income statement for the period ended January 31, 2021, in the 'Income Statement' tab.

5. Prepare a classified balance sheet as of January 31, 2021 in the 'Balance Sheet' tab.

6. Record the closing entries in the 'General Journal' tab (these are shown as items 12 and 13).

7. Using the information from the requirements above, complete the 'Analysis' tab.

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 $25,eee 6,400 4,300 62,000 $ 4,400 77,000 16,300 $97,700 $97,700 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,680 ($880/month). January 9 Purchase additional supplies on account, $4,709. January 13 Provide services to customers on account, $26,700. January 17 Receive cash in advance from customers for services to be provided in the future, $4,900. January 20 Pay cash for salaries, $12,780. January 22 Receive cash on accounts receivable, $25,309. January 29 Pay cash on accounts payable, $5,209. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $4.000. By the end of January $4.100 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $4,960. . Requirement The Dance Balance Sheet Analysis Prepare the joumal entries for transactions. If ne entry is required for a particular transaction/event, selec: "No journal entry required in the first account Reid View transaction et Journal entry worksheet Record the adjusting entry for rent. Rere for the month of January has expired. Account Title Debit Credit Jan 31 Record by Record the adjusting entry for services provided to customers who paid in advance. By the end of January, $4.100 of services has been provided to customers who paid in advance on January 17. Note: Enter debits before credits Account Title Debit Credit Date Jan 31 Record entry Clear entry View general Journal (Requirement General Ledger > Analysis General Requirement General Income Journal Trial Balance Ledger Statement Balance Sheet Prepare the journal entries for transactions. If no entry is required for a particular transaction/event, select "No journal entry required in the first account field. View transactions Journal entry worksheet 7 10 11 13 Record the adjusting entry for salaries payable. Unpaid salaries at the end of January are 54.960 Note: Enter debits before credits Account Title Debit Credit Date Jan 31 Requirement General Journal General Ledger Trial Dalance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. If no entry is required for a particular transaction/event, select "No journal entry required in the first account field View transactions Journal entry worksheet 10 11 12 13 Record the entry to close the revenue accounts. Note: Enter debits before credits Date Account Title Debit Credit Record entry Charly View peneral Journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field. View transactions Journal entry worksheet

Answer & Explanation Solved by verified expert

See Answer