On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts. Cash Debit $24,900 Credit Accounts Receivable 6,300 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 2024, 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 January 20 January 22 Receive cash in advance from customers for services to be provided in the future, $4,800. Pay cash for salaries, $12,600. Receive cash on accounts receivable, $25,200. January 29 Pay cash on accounts payable, $5,100. 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 $3,900. All other supplies have been used. 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. 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare an income statement for the period ended January 31, 2024. E Dronarnalserified halance chant ae of lanuary 21 2024 ALLUMILO rayause Common Stock Retained Earnings Totals $96,400 76,000 16,100 $96,400 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,300 (5775/month). January 9 January 13 January 17 Purchase additional supplies on account, $4,600. Provide services to customers on account, $26,600. 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. 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 $3,900. All other supplies have been used. 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. 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. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7a1 Req 7b Req 7c Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No Date General Journal 1 January 31, 2024 Service Revenue Retained Earnings Debit Credit 775 775 1 Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7a Req 7b Req 7c nts Prepare a classified balance sheet as of January 31, 2024. DYNAMITE FIREWORKS Balance Sheet January 31, 2024 Assets. Liabilities Current assets: Current liabilities: Cash $27,900 Accounts Payable $ 3,800 Accounts Receivable 7,700 Deferred Revenue 8,600x Supplies 700 x Prepaid Rent 8,525 Total current liabilities 12,400 Total current assets 44,825 Stockholder's Equity. Long-term assets: Common Stock 76,000 Land 61,000 Retained Earnings 13,900 Total stockholders' equity 89,900 Total assets 105,825 Total liabilities and stockholders' equity $102,300 Req 4 Req 6 > unpaid salaries at the end or January are 25.03. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7a Req 7b Req 7c What is the amount of profit reported for the month of January? Amount of profit Check my work mode: This shows what is correct or incorrect for the work you have completed so far does not indicate completion 3. Prepare an adjusted sal belace on of 202 Prepare a chased balance sheet as of January 31, 2024 6 Record cloving What is the amount of pro reported for the month of January Calculate the ratio of current assets to cument hates the cuentat the end of nary Based on Dynante fireworks proft and rate of cument assets to current and her Dynas to be in good or bad fancia non O complete Complete this question by entering your answer in the 4 w E R 10 T MacBook Pro ce A Next>> 7 20 9 1 9 1 S D F G H J K L Z x C H command >> B N M V V 30 com 1 unpaid salaries at the end of January are $5,050. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7a Req 7b1 Req 7c Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January. Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7a Req 7b Req 7c 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. 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.