Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On January 1, 2021, 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 Credit $24,600 6,000 3,900 58,000 $ 4,000 73,000 15,500 $92,500 $92,500 During January 2021, the following transactions occur. January 2 Purchase rental space for one year in advance, $8,400 ($700/month). January 9 Purchase additional supplies on account, $4,300. January 13 Provide services to customers on account, $26,300. January 17 Receive cash in advance from customers for services to be provided in the future, $4,500. January 20 Pay cash for salaries, $12,300. January 22 Receive cash on accounts receivable, $24,900. January 29 Pay cash on accounts payable, $4,800. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $3,600, By the end of January, $3,800 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,240. . . View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits Date Account Title Debit Credit Jan 31 30,100 Service Revenue Retained Earnings 30,100 ces Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 17 - Off-Balance-Sheet Shams

Authors: Kate Mooney

1st Edition

0071719393, 9780071719391

More Books

Students also viewed these Accounting questions