Complete this question by entering your answers in the tabs below. Prepare an income statement for the period ended January 31, 2024. fecord each of the transactions. (Ir no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first Journal entry worksheet 234567 Record the purchase of rental space for one year in advance, $9,000 (\$750/month). Note: Enter debits before credits: Complete this question by entering your answers in the tabs below. Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January. Complete this question by entering your answers in the tabs below. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the revenue accounts. Noter Enter debits beforo credits. Complete this question by entering your answers in the tabs below. Based on Dynamite Fireworks' profit and ratio of current assets to current liabilities, indicate whether Dynamite Fireworks appears to be in good or bad financial condition. Complete this question by entering your answers in the tabs below. Prepare a classified balance sheet as of January 31, 2024. On January 1,2024 , the general ledger of Dynamite Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, \$9,000 (\$750/month). January 9 purchase additional supplies on account, $4,500. January 13 provide services to customers on account, $26,500. January 17 Receive cash in advance from customers for services to be provided in the future, $4,700. January 20 Pay cash for salaries, $12,500. January 20 Pay cash tor salaries, 22 Receive cash on accounts receivable, $25,100. January 29 Pay cash on accounts payable, $5,000. Complete this question by entering your answers in the tabs below. What is the amount of peofit reported for the month of January? Complete this question by entering your answers in the tabs below. Prepare an adjusted trial balance as of January 31,2024. Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. - Rent for the month of January has expired. - Supplies remaining at the end of January total \$3,800. All other supplies have been used. - By the end of January, \$3,950 of services has been provided to customers who paid in advance on January 17. - Unpaid salaries at the end of January are $5,100. 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare an income statement for the period ended January 31, 2024: 5. Prepare a classified balance sheet as of January 31,2024. 6. Record closing entries. 7. Analyze the following features of Dynamite Fireworks' financialdcondition: a. What is the amount of profit reported for the month of January? b. Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January. c. Based on Dynamite Fireworks' profit and ratio of current assets to current liabilities, indicate whether Dynamite Fireworks appears to be in good or bad financial condition. Vecord the adjusting entries on January 31. (If no entry is required for a particular transactionvevent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Pent for the month of January has expired. Record the adjusting entry for rent. Rote: Enter dobits betpre credits
