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Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $ 25,800 Credit Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals 7,200 5,100 70,000 $ 5,200 85,000 17,900 $108,100 $108,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Ent Required" in the first account field.)

Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $ 25,800 Credit Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals 7,200 5,100 70,000 $ 5,200 85,000 17,900 $108,100 $108,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Ent Required" in the first account field.)

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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Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $ 25,800 Credit Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals 7,200 5,100 70,000 $ 5,200 85,000 17,900 $108,100 $108,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Ent Required" in the first account field.)
Transcribed Image Text:Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $ 25,800 Credit Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals 7,200 5,100 70,000 $ 5,200 85,000 17,900 $108,100 $108,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Ent Required" in the first account field.)
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