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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare The
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3cf07100-3ed4-4a5d-bf17-b882f0d16b9e%2Fff33b702-ea88-462d-9d32-5a05cb8f2dfa%2Ffualz7nj_processed.jpeg&w=3840&q=75)
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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