ices On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $ 23,900 5,300 Credit Supplies Land Accounts Payable Common Stock Retained Earnings Totals 3,200 51,000 $3,300 66,000 14,100 $ 83,400 $ 83,400 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,300 ($525 per month). January 9 Purchase additional supplies on account, $3,600. January 13 Provide services to customers on account, $25,600. January 17 Receive cash in advance from customers for services to be provided in the future, $3,800. January 20 Pay cash for salaries, $11,600. January 22 Receive cash on accounts receivable, $24,200. January 29 Pay cash on accounts payable, $4,100. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $2,900. c. By the end of January, $3.275 of services has been provided to customers who paid in advance on January 17 d. Unpaid salaries at the end of January are $5,730. Totals 303,400 > 53,400 During January 2024, the following transactions occur: January 21 Purchase rental space for one year in advance, $6,300 ($525 per month).. January 9 Purchase additional supplies on account, $3,600. January 13 Provide services to customers on account, $25,600. January 17 Receive cash in advance from customers for services to be provided in the future, $3,800. January 20 Pay cash for salaries, $11,600. January 22 Receive cash on accounts receivable, $24,200. January 29 Pay cash on accounts payable, $4,100. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $2,900. c. By the end of January. $3.275 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,730. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 1. Record each of the transactions listed above in the 'General Journal" tab (these are shown as items 1 to 7). Review the General 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 Journal' 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 January 31, 2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal" tab (these are shown as items 12 and 13). 7. Using the information from the requirements above, complete the 'Analysis' tab. b. Supplies remaining at the end of January total $2,900. c. By the end of January, $3,275 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,730. Requirement General Journal General Trial Balance Ledger Income Statement Balance Sheet Analysis 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 7). Review the 'General 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 Journal' 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 January 31, 2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 12 and 13). 7. Using the information from the requirements above, complete the 'Analysis' tab. Requirement General Journal > View transaction list X 13 13 ces 1 Record the purchase of rental space for one year in advance, $6,300 ($525/month). 2 Record the purchase of additional supplies on account, $3,600. 3 Record the providing of services to customers on account, $25,600. 4 Record the receipt of cash in advance from customers for services to be provided in the future, $3,800. s Record the payment of cash for salaries, $11,600. 6 Record the receipt of cash on accounts receivable, Note: journal entry has been entered Record entry Clear entry Creat View general journal View transaction list aujasty nury suppires remaningy at the enu vi January total $2,900. 10 Record the adjusting entry for services provided to customers who paid in advance. Record the adjusting entry by the end of January, $3,275 of services has been provided to customers who paid in advance on January 17. 11 Record the adjusting entry for salaries payable. Record the adjusting entry unpaid salaries at the end of January are $5,730. 12 Record the entry to close the revenue accounts. 13 Record the entry to close the expense accounts. Journal entry has been entered Note Record entry Clear entry 13 Credit View general journal View transaction list Kecord the payment of cash on accounts payable, $4,100. 8 Record the adjusting entry for rent. Record the adjusting entry rent for the month of January has expired. 9 Record the adjusting entry for supplies. Record the adjusting entry supplies remaining at the end of January total $2,900. 10 Record the adjusting entry for services provided to customers who paid in advance. Record the adjusting entry by the end of January, $3,275 of services has been provided to customers who paid in advance on January 17. journal entry has been entered Note: Record entry Clear entry 13 > Credit View general journal View transaction list Journal entry worksheet < 1 2 5 6 7 8 13 Record the adjusting entry for rent. Record the adjusting entry rent for the month of January has expired. Note: Enter debits before credits Account Title Debit Credit Date January 31 140: Supplies 145: Prepaid Rent 160: Land 163: Buildings 165: Equipment Record View general journal Papulcement Capacal L General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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. Unadjusted Dynamite Fireworks Trial Balance January 29, 2024 Account Title Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Total Debit Credit S 23,900 5,300 3,200 51,000 3,300 66,000 14,100 S 83,400 S 83,400 c. By the end of January, $3,275 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,730. Requirement. General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2024. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted ces Dynamite Fireworks Income Statement For the Year Ended January 31, 2024 Revenues Total Revenue Expenses Total Expenses wwwww Prepare a classified balance sheet as of January 31, 2024. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Assets Current Assets Total Current Assets Long-term Assets Dynamite Fireworks Balance Sheet January 31, 2024 Liabilities Current Liabilities Total Current Liabilities. Total Liabilities Stockholders' Equity Total Assets Total Stockholders' Equity Total Liabilities & Stockholders' Equity January 29 Pay cash on accounts payable, $4,100. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $2,900. c. By the end of January, $3,275 of services has been provided to customers who paid in advance on January 12 d. Unpaid salaries at the end of January are $5,730. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. Analyze the following features of Dynamite Fireworks' financial condition: (a) What is the amount of profit reported for the month of January? The amount of profit reported for the month of January is (b) Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January The ratio of current assets to current liabilities at the end of January is (c) Based on Dynamite Fireworks' profit and ratio of current assets to current babilities, indicate whether Dynamite Fireworks appears to be in good or bad financial condition Does the company appear to be in good or bad financial condition? ances January 29 Pay cash on accounts payable, $4,100. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $2,900. c. By the end of January. $3,275 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $5,730. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. Analyze the following features of Dynamite Fireworks' financial condition: (a) What is the amount of profit reported for the month of January? The amount of profit reported for the month of January is (b) Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January The ratio of current assets to current liabilities at the end of January is (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 Does the company appear to be in good or bad financial condition? < Balance Sheet Analysis ances On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable. Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 23,900 Credit 5,300 3,200 51,000 $3,300 66,000 14,100 $ 83,400 $ 83,400 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $6, 300 ($525 per month). January 9. Purchase additional supplies on account, $3,600. January 13 Provide services to customers on account, $25,600. January 17 Receive cash in advance from customers for services to be provided in the future, $3,800. January 20 Pay cash for salaries, $11,600. January 22 Receive cash on accounts receivable, $24,200. January 29 Pay cash on accounts payable, $4,100. The following information is available on January 31, a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $2,900. c. By the end of January, $3,275 of services has been provided to customers who paid in advance on January 17 d. Unpaid salaries at the end of January are $5,730. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis