Business, 19.09.2021 03:30 spellsaltoniza

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit
Cash $23,900
Accounts Receivable 5,300
Supplies 3,200
Land 51,000
Accounts Payable $3,300
Common Stock 66,000
Retained Earnings 14,100
Totals $83,400 $83,400

During January 2021, the following transactions occur:

January 2 Purchase rental space for one year in advance, $6,300 ($525/month).
January 9 Purchase additional supplies on account, $3,600.
January 13 Provide services to customers on account, $25,600.
January 17 Receive cash in advance from customers for services to be provided in the future, $3,800.
January 20 Pay cash for salaries, $11,600.
January 22 Receive cash on accounts receivable, $24,200.
January 29 Pay cash on accounts payable, $4,100.

The following information is available on January 31:

Rent for the month of January has expired.
Supplies remaining at the end of January total $2,900.
By the end of January, $3,275 of services has been provided to customers who paid in advance on January 17.
Unpaid salaries at the end of January are $5,730.
Solve Service Revenue, Retained Earning for Jan 31 and retained earning for jan 31.

Required:
Create income statemenent and balance sheet.

Answers: 2

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On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances...

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