Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

GL 2-11 (Algo) Complete the accounting cycle (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) On January 1, 2024, the general ledger of Dynamite Fireworks includes the following

GL 2-11 (Algo) Complete the accounting cycle (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8)
On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances:
Accounts Debit Credit
Cash $ 24,600
Accounts Receivable 6,000
Supplies 3,900
Land 58,000
Accounts Payable $ 4,000
Common Stock 73,000
Retained Earnings 15,500
Totals $ 92,500 $ 92,500
During January 2024, the following transactions occur:
January 2 Purchase rental space for one year in advance, $8,400 ($700 per month).
January 9 Purchase additional supplies on account, $4,300.
January 13 Provide services to customers on account, $26,300.
January 17 Receive cash in advance from customers for services to be provided in the future, $4,500.
January 20 Pay cash for salaries, $12,300.
January 22 Receive cash on accounts receivable, $24,900.
January 29 Pay cash on accounts payable, $4,800.
The following information is available on January 31.
Rent for the month of January has expired.
Supplies remaining at the end of January total $3,600.
By the end of January, $3,800 of services has been provided to customers who paid in advance on January 17.
Unpaid salaries at the end of January are $5,240.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Journal entry worksheet Journal entry worksheet (1) 6 7 8 9 13 Record the adjusting entry for salaries payable. Record the adjusting entry unpaid salaries at the end of January are $5,240. Note: Enter debits before credits. Journal entry worksheet (1) 456 78 13 Record the adjusting entry for supplies. Record the adjusting entry supplies remaining at the end of January total $3,600. Note: Enter debits before credits. Journal entry worksheet (1) 2 3 4 5 6 7 13 Record the adjusting entry for rent. Record the adjusting entry rent for the month of January has expired. Note: Enter debits belore credits. Journal entry worksheet GL 2-11 (Algo) Complete the accounting cycle (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account baiances: During January 2024 , the following transactions occur: January 2 Purchsse rental opace for one year in advance, 58,400(5700 per month). Jahoary 9 Purchase additional supplies on sceount, 54,300. January is Provide services to custocers on account, $26,300. January 17 Meceive cash in advance from cuntoners for services to be provided in the future, 54,500. January 20 ray eash for salariea, $12,300. January 22 Receive cash on secounts receivable, 524,900 . Jabuary 29 pay cash on aceounts payable, $4,060. The following information is avaliable on January 31. a. Rent for the month of January has expired b. Supplies remaining at the end of January total $3,600. c. By the end of January, $3,800 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,240. 1. Record each of the transactions tisted above in the 'General Journal' tab (these are shown as items 1 to ?). Review the 'Cenerat Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Joumal tab (these are shown as items 8 to 11 ). 3. Review the adjusted Trial Balance as of January 31,2024. 4. Prepare an income statement for the period ended January 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of Janiary 31,2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Joumal' tab (these are shown as items 12 and 13 ). 7. Using the information from the requirements above, complete the 'Analysis' tab. Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account Journal entry worksheet \begin{tabular}{l|lllllllll} 2 & 4 & 5 & 6 & 7 & 8 & & 13 \end{tabular} Record the purchase of rental space for one year in advance, $8,400 (\$700/month). Note: Enter debits before credits. Journal entry worksheet 2 3 4 5 7 Record the receipt of cash on accounts recelvable, $24,900. Note: Enter debits before credits. Journal entry worksheet 678 Record the providing of services to customers on account, $26,300. Note: Enter debits before credits. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Notes enter deolts before creaits. Journal entry worksheet 23 6.7 Record the receipt of cash in advance from customers for services to be provided in the future, $4,500. Note: Enter debits before credits. Journal entry worksheet (1) ,5 6 7 8 9 Record the adjusting entry for services provided to customers who paid in advance. Record the adjusting entry by the end of January, $3,800 of services has been provided to customers who paid in advance on January 17. Note: Enter debits before credits. Journal entry worksheet 123456 Record the payment of cash on accounts payable, $4,800. Note: Enter debils before credits. Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account fleld. Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

7th Edition

1118725786, 978-1118725788

More Books

Students also viewed these Accounting questions

Question

Describe the role of HRD practitioners in OD interventions

Answered: 1 week ago