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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 $ 25,500 6,900 4,000 67,000 $ 104,200 Credit $ 4,900 82,000 17,300 $ 104,209 During January 2024, the following transactions occur January 2 Purchase rental space for one year in advance, $11,100 ($925 per month). January 9 Purchase additional supplies on account, $5,200. January 13 Provide services to customers on account, $27,200. January 17 Receive cash in advance from customers for services to be provided in the future, $5,400. January 20 Pay cash for salaries, $13,200. January 22 Receive cash on accounts receivable, $25,800. January 25 Pay cash on accounts payable, $5,700. 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 $4,500. c. By the end of January, $4,475 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $4,610.

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 $ 25,500 6,900 4,000 67,000 $ 104,200 Credit $ 4,900 82,000 17,300 $ 104,209 During January 2024, the following transactions occur January 2 Purchase rental space for one year in advance, $11,100 ($925 per month). January 9 Purchase additional supplies on account, $5,200. January 13 Provide services to customers on account, $27,200. January 17 Receive cash in advance from customers for services to be provided in the future, $5,400. January 20 Pay cash for salaries, $13,200. January 22 Receive cash on accounts receivable, $25,800. January 25 Pay cash on accounts payable, $5,700. 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 $4,500. c. By the end of January, $4,475 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $4,610.

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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Prepare The Journal Entries..!

On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances. Accounts Cash Accounts Receivable Supplies Lond Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,500 6,900 4,500 67,000 $ 104,200 Credit During January 2024, the following transactions occur January 2 Purchase rental space for one year in advance, $11,100 ($925 per month). January 9 Purchase additional supplies on account, $5,200. General Journal $ 4,900 82,000 17,300 $ 104,208 January 13 Provide services to customers on account, $27,200.. January 17 Receive cash in advance from customers for services to be provided in the future, $5,400. January 20 Pay cash for salaries, $13,200. January 22 Receive cash on accounts receivable, $25,800. January 29 Pay cash on accounts payable, $5,700. 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 $4,500. c. By the end of January. $4,475 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $4,610. General Ledger Income Statement Requirement Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Trial Balance Balance Sheet Analysis
Transcribed Image Text:On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances. Accounts Cash Accounts Receivable Supplies Lond Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,500 6,900 4,500 67,000 $ 104,200 Credit During January 2024, the following transactions occur January 2 Purchase rental space for one year in advance, $11,100 ($925 per month). January 9 Purchase additional supplies on account, $5,200. General Journal $ 4,900 82,000 17,300 $ 104,208 January 13 Provide services to customers on account, $27,200.. January 17 Receive cash in advance from customers for services to be provided in the future, $5,400. January 20 Pay cash for salaries, $13,200. January 22 Receive cash on accounts receivable, $25,800. January 29 Pay cash on accounts payable, $5,700. 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 $4,500. c. By the end of January. $4,475 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $4,610. General Ledger Income Statement Requirement Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Trial Balance Balance Sheet Analysis
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