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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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need last three requirement
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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