1 5 Part 5 of Required information Exercise 3-218 Complete the accounting cycle (LO3-3, 3-4,3-5,3-6) On January 1, Year 1 the general ledger of a company includes the following account balances Accounts Debis Credit Cash $24,300 Accounts Receivable 5,700 Supplies 3,600 Land 55,000 Accounts Payable $ 3,700 Common Stock 70,000 Retained Earnings 14.900 Totals 188,600 580,600 6.25 points 45:38 References During Year, the following transactions occur January 3 Parchase restat space for one year in advance. 7,500 ($625 /month). January 9 Purchase additional supplies an account. $4.000. January 13 Provide services to customers on account, $26.000 January 17 Receive cash in advance from customer for services to be provided in the future, #4,200. 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 Exercise 3-21B Part 5 5. Prepare a classified balance sheet as of January 31 Year 1 Balance Sheet January 31, Year 1 Liabilities Assets Current assets Current Total current is Stockholder's Equity Total current assets Long-term assets Total stockholders'equilty Total abilities and stockholders guity Total assets