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On January 1, 2021, 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 $23,800 5,200 3,100 50,000 Credit $ 3,200 65,000 13,900 $82,100 $82,100 During January 2021, the following transactions occur:

On January 1, 2021, 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 $23,800 5,200 3,100 50,000 Credit $ 3,200 65,000 13,900 $82,100 $82,100 During January 2021, the following transactions occur:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 3-21A Part 5 5. Prepare a classified balance sheet as of January 31, 2021. Current assets: Total current assets Long-term assets: Total assets Assets DYNAMITE FIREWORKS Balance Sheet January 31, 2021 0 0 Current liabilities: Total current liabilities Liabilities Stockholder's Equity Total stockholders' equity Total liabilities and stockholders' equity 0 0 0
Transcribed Image Text:Exercise 3-21A Part 5 5. Prepare a classified balance sheet as of January 31, 2021. Current assets: Total current assets Long-term assets: Total assets Assets DYNAMITE FIREWORKS Balance Sheet January 31, 2021 0 0 Current liabilities: Total current liabilities Liabilities Stockholder's Equity Total stockholders' equity Total liabilities and stockholders' equity 0 0 0
Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, 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 $23,800 5,200 3,100 50,000 Credit $ 3,200 65,000 13,900 $82,100 $82,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,000 ($500/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.
Transcribed Image Text:Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, 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 $23,800 5,200 3,100 50,000 Credit $ 3,200 65,000 13,900 $82,100 $82,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,000 ($500/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.
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