Exercise 3-21 (Algo) Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $24,900 6,300 4,200 61,000 Credit $4,300 76,000 16,100 $96,400 $96,400 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,300 ($775/month). Purchase additional supplies on account, $4,600. January 9 January 13 January 17 Provide services to customers on account, $26,600. Receive cash in advance from customers for services to be provided in the future, $4,800. January 20 Pay cash for salaries; $12,600. January 22 Receive cash on accounts receivable, $25,200. January 29 Pay cash on accounts payable, $5,100. 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 $3,900. All other supplies have been used. . By the end of January, $4,025 of services has been provided to customers who paid in advance on January 17. Unnaid calarioc at the end of Januan, are $5020

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 3-21 (Algo) Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6)
On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable.
Supplies
Land
Accounts Payable
Common Stock
Retained Earnings
Totals
Debit
$24,900
·
6,300
4,200
61,000
.
During January 2024, the following transactions occur:
January 2
January 9
January 13
Credit
$4,300
76,000
16,100
$96,400 $96,400
Purchase rental space for one year in advance, $9,300 ($775/month).
Purchase additional supplies on account, $4,600.
Provide services to customers on account, $26,600.
January 17
January 20
January 22 Receive cash on accounts receivable, $25,200.
January 29 Pay cash on accounts payable, $5,100.
Required:
1. Record each of the transactions listed above.
2. Record the adjusting entries on January 31.
Receive cash in advance from customers for services to be provided in the future, $4,800.
Pay cash for salaries; $12,600.
4
Rent for the month of January has expired.
Supplies remaining at the end of January total $3,900. All other supplies have been used.
By the end of January, $4,025 of services has been provided to customers who paid in advance on January 17.
. Innaid calarioc at the end of lanuan, are $5020
Transcribed Image Text:Exercise 3-21 (Algo) Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable. Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $24,900 · 6,300 4,200 61,000 . During January 2024, the following transactions occur: January 2 January 9 January 13 Credit $4,300 76,000 16,100 $96,400 $96,400 Purchase rental space for one year in advance, $9,300 ($775/month). Purchase additional supplies on account, $4,600. Provide services to customers on account, $26,600. January 17 January 20 January 22 Receive cash on accounts receivable, $25,200. January 29 Pay cash on accounts payable, $5,100. Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. Receive cash in advance from customers for services to be provided in the future, $4,800. Pay cash for salaries; $12,600. 4 Rent for the month of January has expired. Supplies remaining at the end of January total $3,900. All other supplies have been used. By the end of January, $4,025 of services has been provided to customers who paid in advance on January 17. . Innaid calarioc at the end of lanuan, are $5020
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