3 On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: 10 points Accounts Cash Supplies Land Debit Credit $ 25,600 Accounts Receivable 7,000 4,900 68,000 Accounts Payable $ 5,000 Common Stock Retained Earnings 83,000 17,500 Totals $105,500 $105,500 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $11,400 ($950/month). January 9 Purchase additional supplies on account, $5,300. January 13 Provide services to customers on account, $27,300. January 17 Receive cash in advance from customers for services to be provided in the future, $5,500. January 20 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25,900. January 29 Pay cash on accounts payable, $5,800. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $4,600. By the end of January, $4,550 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $4,540. Return to question 12 Jan 31 Service Revenue Retained Earnings 14,350 X 14,350 x 13 13 Jan 31 Retained Earnings 14,350 X Supplies Expense 5,600 Rent Expense 950 Salaries Expense 7,800 < Requirement General Ledger > Journal entry worksheet 1 6 ----- 8 9 10 11 12 13 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Service Revenue 14,350 Retained Earnings 14,350 Record entry Clear entry View general journal Journal entry worksheet 6 7 8 9 10 11 12 13 Record the entry to close the expense accounts. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit Retained Earnings 14,350 Supplies Expense 5,600 Rent Expense 950 Salaries Expense 7,800 Record entry Clear entry View general journal < Requirement General Ledger >