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 $24,200 5,600 Credit 3,500 54,000 $3,600 69,000 14,700 $87,300 $87,300 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,200 ($600/month). Purchase additional supplies on account, $3,900. January 9 January 13 January 17 January 20 Provide services to customers on account, $25,900. January 22 Receive cash in advance from customers for services to be provided in the future, $4,100. Pay cash for salaries, $11,900. Receive cash on accounts receivable, $24,500. January 29 Pay cash on accounts payable, $4,400. Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $3,200. All other supplies have been used. By the end of January, $3,500 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,520. 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare an income statement for the period ended January 31, 2024. 5. Prepare a classified balance sheet as of January 31, 2024. 6. Record closing entries. 7. Analyze the following features of Dynamite Fireworks' financial condition: a. What is the amount of profit reported for the month of January? b. Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January. 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.