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On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $24,900 6,300 Credit Supplies
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $24,900 6,300 Credit Supplies 4,200 Land 61,000 Accounts Payable $ 4,300 Common Stock 76,000 Retained Earnings 16,100 Totals $96,400 $96,400 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,300 ($775/month). January 9 Purchase additional supplies on account, $4,600. January 13 Provide services to customers on account, $26,600. January 17 Receive cash in advance from customers for services to be provided in the future, $4,800. January 20 Pay cash for salaries, $12,600. January 22 Receive cash on accounts receivable, $25,200. January 29 Pay cash on accounts payable, $5,100. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $3,900. By the end of January, $4,025 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,030.
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