Exercise 321 (Algo) Complete the accounting cycle (LO33,34,35,36) -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, $7,500($625/ month . January 9 Purchase additional supplies on account, $4,000. lanuary 13 provide services to custoners on account, $26,600. January 17 Receive cash in advance from customers for services to be provided ifi the future, $4,200. January 20 Pay cash for $al aries, $12,000. January 22 Receive cash on accounts receivable, $24,600. January 29 Pay cash on accounts payable, $4,560. Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $3,300. All other supplies have been used. c. By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5.450. 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' financial condition: Record closing entries. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first account fleld.) Journal entry worksheet 2 Record the entry to close the revenue accounts. Note: Inter detits before condts. What is the amount of profit reported for the month of January