Exercise 3 21A Complete the accounting cycle (LO3 3, 3 4, 3 5, 3 6) (GL) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances Accounts Debit 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 $ 88,600 $ 88,600 During January 2021, 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 January 13 Provide services to customers on account, $26,000 January 17 Receive cash in advance from customers 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 The following information is available on January 31 Rent for the month of January has expired Supplies remaining at the end of January total $3,300 By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17 Unpaid salaries at the end of January are $5,450 Record the purchase of rental space for one year in advance, $7,500 ($625 month) 2 Record the purchase of additional supplies on account, $4,000 3 Record the providing of services to customers on account, $26,000 4 Record the receipt of cash in advance from customers for services to be provided in the future, $4,200 5 Record the payment of cash for salaries, $12,000 6 Record the receipt of cash on accounts receivable, $24,600 7 Record the payment of cash on accounts payable, $4,500 8 Record the adjusting entry for rent Rent for the month of January has expired 9 Record the adjusting entry for supplies Supplies remaining at the end of January total $3,300 10 Record the adjusting entry for services provided to customers who paid in advance By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17 11 Record the adjusting entry for salaries payable Unpaid salaries at the end of January are $5,450 12 Record the entry to close the revenue accounts 13 Record the entry to close the expense accounts Here is my journal Entry, I want to know why it says my closing expense is wrong if the trial Balance is Even in unadjusted, adjusted, and post closing Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions If no entry is required for a particular transaction event, select No journal entry required in the first account field Account Title Credit No 1 Date Jan 02 Debit 7,500 Prepaid Rent Cash 7 500 2 Jan 09 4,000 Accounts Payable 4,000 Jan 13 26,000 Accounts Receivable Service Revenue 20 000 Jan 17 4,200 Cash Deferred Revenue 4,200 0 00 00 00 00 00 00 00 00 Jan 20 Salaries Expense 12,000 Cash 12,000 Jan 22 24,600 Cash Accounts Receivable 24,600 Jan 29 4 500 Accounts Payable Cash 4 500 Jan 31 825 Rent Expense Prepaid Rent 625 Jan 31 Supplies Expense Supplies 4,300 Jan 31 3 575 Deferred Revenue Service Revenue 3 575 Jan 31 5,450 Salaries Expense Salaries Payable 5,450 Oo Oooo 0 Jan 31 29,575 Service Revenue Retained Earnings 29,575 13 Jan 31 17 450 Retained Earnings Salaries Expense 17 450 Answer is not complete Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post closing trial balance The option you choose will be the values used to populate the income statement and balance sheet tabs Adjusted Dynamite Fireworks Trial Balance January 31, 2021 Account Title Credit Debit 29,100 7,100 3 300 6 875 55,000 Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Salaries Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Salaries Expense Rent Expense Total 3 200 5 450 625 70 000 14,900 29,575 4,300 17 450 625 1 23,750 S S 123,750

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Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) (GL) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account

Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) (GL)

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:

Accounts	Debit		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	$	88,600	$	88,600

During January 2021, 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.
January	13	Provide services to customers on account, $26,000.
January	17	Receive cash in advance from customers 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.

The following information is available on January 31.

Rent for the month of January has expired.
Supplies remaining at the end of January total $3,300.
By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17.
Unpaid salaries at the end of January are $5,450.

Record the purchase of rental space for one year in advance, $7,500 ($625/month).
2

Record the purchase of additional supplies on account, $4,000.
3

Record the providing of services to customers on account, $26,000.
4

Record the receipt of cash in advance from customers for services to be provided in the future, $4,200.
5

Record the payment of cash for salaries, $12,000.
6

Record the receipt of cash on accounts receivable, $24,600.
7

Record the payment of cash on accounts payable, $4,500.
8

Record the adjusting entry for rent. Rent for the month of January has expired.
9

Record the adjusting entry for supplies. Supplies remaining at the end of January total $3,300.
10

Record the adjusting entry for services provided to customers who paid in advance. By the end of January, $3,575 of services has been provided to customers who paid in advance on January 17.
11

Record the adjusting entry for salaries payable. Unpaid salaries at the end of January are $5,450.
12

Record the entry to close the revenue accounts.
13

Record the entry to close the expense accounts

Here is my journal Entry, I want to know why it says my closing expense is wrong if the trial Balance is Even in unadjusted, adjusted, and post closing.

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Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. If no entry is required for a particular transaction/event, select "No journal entry required in the first account field. Account Title Credit No 1 Date Jan 02 Debit 7,500 Prepaid Rent Cash 7.500 2 Jan 09 4,000 Accounts Payable 4,000 Jan 13 26,000 Accounts Receivable Service Revenue 20.000 Jan 17 4,200 Cash Deferred Revenue 4,200 0 00 00 00 00 00 00 00 00 Jan 20 Salaries Expense 12,000 Cash 12,000 Jan 22 24,600 Cash | Accounts Receivable 24,600 Jan 29 4.500 Accounts Payable Cash 4.500 Jan 31 825 Rent Expense Prepaid Rent 625 Jan 31 Supplies Expense Supplies 4,300 Jan 31 3.575 Deferred Revenue Service Revenue 3.575 Jan 31 5,450 Salaries Expense Salaries Payable 5,450 Oo Oooo 0 Jan 31 29,575 Service Revenue Retained Earnings 29,575 13 Jan 31 17.450 % Retained Earnings Salaries Expense 17.450 * Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Adjusted Dynamite Fireworks Trial Balance January 31, 2021 Account Title Credit Debit 29,100 7,100 3.300 6.875 55,000 Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Salaries Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Salaries Expense Rent Expense Total 3.200 5.450 625 70.000 14,900 29,575 4,300 17.450 625 1 23,750 S S 123,750