On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $24,800 6,200 4,100 60,000 $ 4,200 75,000 15,900 $95,100 $95,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,000 ($750/month). January 9 Purchase additional supplies on account, $4,500. January 13 Provide services to customers on account, $26,500. January 17 Receive cash in advance from customers for services to be provided in the future, $4,700. January 20 Pay cash for salaries, $12,500. January 22 Receive cash on accounts receivable, $25,100. January 29 Pay cash on accounts payable, $5,000. The following information is available on January 31. . Supplies remaining at the end of January total $3,800. By the end of January, $3,950 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,100. 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 - 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 8-11). 3. Review the adjusted 'Trial Balance' as of January 31, 2021. Prepare an income statement for the period ended January 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021 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 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, 2021 Account Title Credit $ Debit 24,800 6,200 4,100 60,000 tt Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Total 4,200 75,000 15,900 95,100 $ 95,100 $ Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2021. 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 Dynamite Fireworks Income Statement For the year ended January 31, 2021 Revenues: Total Revenue Expenses: Total Expenses
