not use ai please GL 2-11 (Static) Complete the accounting cycle (LO2-3, 2-4, 2-5, 2-6,2-7,2-8)On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances:AccountsCashAccounts ReceivableSuppliesLandAccounts PayableCommon StockRetained EarningsTotalsDebit$ 23,800Credit5,2003,10050,000$ 3,20065,00013,900$ 82,100$ 82,100During January 2024, the following transactions occur:January 2 Purchase rental space for one year in advance, $6,000 ($500 per 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.The following information is available on January 31.a. Rent for the month of January has expired.b. Supplies remaining at the end of January total $2,800. All other supplies have been used.c. By the end of January, $3,200 of services has been provided to customers who paid in advance on January 17.d. Unpaid salaries at the end of January are $5,800.

1. Journal Entries for January Transactions:DateAccount TitleDebitCreditJan. 2Prepaid Rent $6,000…

Answered: GL 2-11 (Static) Complete the…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.1.2MBA

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