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On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Debit $24,300 5,700 3,600 55,000 $ 3,700 70,000 14,900 Totals $88,600 $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January 13 Provide services to customers on account, $26,000. January 17 Receive cash in advance from customers for services to be provided in the future, $4, January 20 Pay cash for salaries, $12,000. January 22 Receive cash on accounts receivable, $24,600. January 29 Pay cash on accounts payable, $4,500. The following information is available on January 31. • Rent for the month of January has expired. • Supplies remaining at the end of January total $3,300. By the end of January, $3,575 of services has been provided to customers who paid in advance on Janua • Unpaid salaries at the end of January are $5,450.

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Debit $24,300 5,700 3,600 55,000 $ 3,700 70,000 14,900 Totals $88,600 $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January 13 Provide services to customers on account, $26,000. January 17 Receive cash in advance from customers for services to be provided in the future, $4, January 20 Pay cash for salaries, $12,000. January 22 Receive cash on accounts receivable, $24,600. January 29 Pay cash on accounts payable, $4,500. The following information is available on January 31. • Rent for the month of January has expired. • Supplies remaining at the end of January total $3,300. By the end of January, $3,575 of services has been provided to customers who paid in advance on Janua • Unpaid salaries at the end of January are $5,450.

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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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 Debit $24,300 5,700 3,600 55,000 Credit $ 3,700 70,000 14,900 $88,600 Totals $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January January 13 Provide services to customers on account, $26,000. January 17 Receive cash in advance from customers for services to be provided in the future, $4, January 20 Pay cash for salaries, $12,000. January 22 Receive cash on accounts receivable, $24,600. January 29 Pay cash on accounts payable, $4,500. 9 Purchase additional supplies on account, $4,000. The following information is available on January 31. • Rent for the month of January has expired. Supplies remaining at the end of January total $3,300. • By the end of January, $3,575 of services has been provided to customers who paid in advance on Janua Unpaid salaries at the end of January are $5,450. General General Income Requirement Trial Balance Balance Sheet Analysis Journal Ledger Statement
Transcribed Image Text: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 Debit $24,300 5,700 3,600 55,000 Credit $ 3,700 70,000 14,900 $88,600 Totals $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January January 13 Provide services to customers on account, $26,000. January 17 Receive cash in advance from customers for services to be provided in the future, $4, January 20 Pay cash for salaries, $12,000. January 22 Receive cash on accounts receivable, $24,600. January 29 Pay cash on accounts payable, $4,500. 9 Purchase additional supplies on account, $4,000. The following information is available on January 31. • Rent for the month of January has expired. Supplies remaining at the end of January total $3,300. • By the end of January, $3,575 of services has been provided to customers who paid in advance on Janua Unpaid salaries at the end of January are $5,450. General General Income Requirement Trial Balance Balance Sheet Analysis Journal Ledger Statement
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