5 Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals $24,400 5,800 3,700 56,000 . $89,900 $3,800 71,000 15, 100 $89,900 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,800 ($650/month). Purchase additional supplies on account, $4,100. January 9 January 13 Provide services to customers on account, $26,100. January 17 Receive cash in advance from customers for services to be provided in the future, $4,300. January 20 Pay cash for salaries, $12, 100. January 22 Receive cash on accounts receivable, $24,700. January 29 Pay cash on accounts payable, $4,600. Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $3,400. All other supplies have been used. By the end of January, $3,650 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,380. Check my work 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:
Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. During January 2024 , the following transactions occur: January 2 Purchase rental space for one year in advance, $7,800 ( $650/ month). January 9 Purchase additional supplies on account, $4,100. January 13 Provide services to customers on account, $26,100. January 17 Receive cash in advance from customers for services to be provided in the future, $4,300. January 20 Pay cash for salaries, $12,100. January 22 Receive cash on accounts receivable, $24,700. January 29 Pay cash on accounts payable, $4,600. Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. - Rent for the month of January has expired. - Supplies remaining at the end of January total $3,400. All other supplies have been used. - By the end of January, $3,650 of services has been provided to customers who paid in advance on January 17. - Unpaid salaries at the end of January are $5,380. 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. Analvze the followina features of Dvnamite Fireworks' financial condition
