Exercise 3-21B Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) (GL) On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Cash Accounts Receivable. Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $24,000 5,400 Credit 3,300 52,000 $ 3,400 67,000 14,300 $84,700 $84,700 During January Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,600 ($550/month). January 9 Purchase additional supplies on account, $3,700. January 13 Provide services to customers on account, $25,700. 4 January 17 Receive cash in advance from customers for services to be provided in the future, $3,900. January 20 Pay cash for salaries, $11,700. January 22 Receive cash on accounts receivable, $24,300. January 29 Pay cash on accounts payable, $4,200. The following information is available on January 31. . Rent for the month of January has expired. Supplies remaining at the end of January total $3,000. By the end of January, $3,350 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,660. Journal entry worksheet > 6 7 8 9 10 11 12 13 > Record the adjusting entry for rent. Rent for the month of January has expired. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Rent Expense Prepaid Rent Record entry Clear entry View general journal Journal entry worksheet > 6 7 8 9 10 11 12 Record the adjusting entry for supplies. Supplies remaining at the end of January total $3,000. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Supplies Expense Supplies 13 33 > Record entry Clear entry View general journal Journal entry worksheet < 6 7 8 9 10 11 12 13 Record the adjusting entry for services provided to customers who paid in advance. By the end of January, $3,350 of services has been provided to customers who paid in advance on January 17. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Deferred Revenue Service Revenue Record entry Clear entry View general journal Journal entry worksheet 1 6 7 8 9 10 11 12 12 Record the adjusting entry for salaries payable. Unpaid salaries at the end of January are $5,660. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Salaries Expense Salaries Payable Record entry Clear entry View general journal 113 > Journal entry worksheet < 1 6 7 8 9 10 11 12 13 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 6 7 8 Record the entry to close the expense accounts. Note: Enter debits before credits. Date Jan 31 10 11 12 13 Account Title Debit Credit View general journal Record entry Clear entry