On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	24,500
Accounts Receivable		5,900
Supplies		3,800
Land		57,000
Accounts Payable					$	3,900
Common Stock						72,000
Retained Earnings						15,300
Totals	$	91,200			$	91,200

During January 2021, the following transactions occur:

January		2		Purchase rental space for one year in advance, $8,100 ($675/month).
January		9		Purchase additional supplies on account, $4,200.
January		13		Provide services to customers on account, $26,200.
January		17		Receive cash in advance from customers for services to be provided in the future, $4,400.
January		20		Pay cash for salaries, $12,200.
January		22		Receive cash on accounts receivable, $24,800.
January		29		Pay cash on accounts payable, $4,700.

The following information is available on January 31.

• Rent for the month of January has expired.
• Supplies remaining at the end of January total $3,500.
• By the end of January, $3,725 of services has been provided to customers who paid in advance on January 17.
• Unpaid salaries at the end of January are $5,310.

  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.

  4. 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.