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! Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Debit $ 25,400 6,800 4,700 66,000 Supplies Land Accounts Payable Common Stock Retained Earnings Totals $ 4,800 81,000 17,100 $102,900 $102,900 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,800 ($900/month). January 9 Purchase additional supplies on account, $5,100. January 13 Provide services to customers on account, $27,100. January 17 Receive cash in advance from customers for services to be provided in the future, $5,300. January 20 Pay cash for salaries, $13, 100. January 22 Receive cash on accounts receivable, $25,700. January 29 Pay cash on accounts payable, $5,600. Exercise 3-21A Part 3 3. Prepare an adjusted trial balance as of January 31, 2021. Accounts DYNAMITE FIREWORKS Adjusted Trial Balance January 31, 2021 Debit $ 25,400 6,800 4,700 Credit 0 66,000 $ Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Deferred Revenue Service Revenue Salaries Payable Supplies Expense Rent Expense Common Stock Retained Earnings 4,800 0 0 0 0 0 81,000 0 Totals $ 102,900 $ 85,800 Exercise 3-21A Part 4 4. Prepare an income statement for the period ended January 31, 2021. DYNAMITE FIREWORKS Income Statement For the year ended January 31, 2021 Revenues: Expenses: Total Expenses 0 Exercise 3-21A Part 5 5. Prepare a classified balance sheet as of January 31, 2021. DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current liabilities Total current assets Stockholder's Equity Long-term assets: Total stockholders' equity Total liabilities and stockholders' equity Total assets Exercise 3-21A Part 6 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Record entry Clear entry View general journal Exercise 3-21A Part 6 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Record entry Clear entry View general journal Exercise 3-21A Part 7 7. Analyze the following features of Dynamite Fireworks' financial condition: a. What is the amount of profit reported for the month of January? Income statement b. Calculate the ratio of current assets to current liabilities at the end of January. Current ratio 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. Good Bad
