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 $ 25,600 7,000 4,900 68,000 $ 105,500 Credit $ 5,000 83,000 17,500 $ 105,500 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $11,400 ($950 per month). January 9 Purchase additional supplies on account, $5,300. January 13 Provide services to customers on account, $27,300. January 17 Receive cash in advance from customers for services to be provided in the future, $5,500. January 20 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25,900. January 29 Pay cash on accounts payable, $5,800. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $4,600. c. By the end of January, $4,550 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $4,540. Requirement View transaction list No 1 2 3 Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. 4 5 General Journal 6 7 Date January 02 January 09 January 13 January 17 January 20 January 22 General Ledger January 29 View journal entry worksheet Prepaid Rent Cash Supplies Accounts Payable Trial Balance Accounts Receivable Service Revenue Cash Deferred Revenue Salaries Expense Cash Cash Accounts Receivable Accounts Payable Cash Income Statement Balance Sheet Analysis Account Title Debit 11,400 5,300 27,300 5,500 13,300 25,900 5,800 Credit 11,400 5,300 27,300 5,500 13,300 25,900 5,800 8 9 10 11 12 13 January 31 January 31 January 31 January 31 January 31 January 31 Rent Expense Prepaid Rent Supplies Expense Supplies Deferred Revenue Service Revenue Salaries Expense Salaries Payable Service Revenue Retained Earnings Retained Earnings Rent Expense Supplies Expense Salaries Expense 950 5,600 4,550 4,540 31,850 24,390 950 5,600 4,550 4,540 31,850 950 5,600 17,840 Requirement 44 No. Date January 01 1 January 02 4 January 17 5 January 20 6 January 22 7 January 29 General Journal No. Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing 2 9 Date January 01 January 09 January 31 General Ledger Cash Debit 5,500 25,900 Supplies Debit 5,300 Credit Trial Balance 11,400 13,300 5,800 Credit 5,600 Income Statement Balance General Ledger Account 25,600 14,200 19,700 6,400 32,300 26,500 Balance 4,900 10,200 4,600 No. No. Balance Sheet Analysis 3 6 1 8 Dates: January 01 Date January 01 January 13 January 22 Date January 01 January 02 January 31 Accounts Receivable Debit 27,300 Prepaid Rent Debit to: January 31 11,400 Credit 25,900 Credit 950 Balance 7,000 34,300 8,400 Balance 0 11,400 10,450 444 No. No. 11 No. No. 3 10 Date January 01 Date January 01 January 31 Date January 01 Date January 01 January 13 January 31 12 January 31 Land Debit Salaries Payable Debit Common Stock Debit Credit 31,850 Credit Service Revenue Debit 4,540 Credit Credit 27,300 4,550 Balance 68,000 Balance 0 4,540 Balance 83,000 Balance 0 27,300 31,850 0 4 No. No. 2 7 4 10 No. 12 13 No. 9 | 13 Date January 01 January 09 January 29 Date January 01 January 17 January 31 Date January 01 January 31 January 31 Date January 01 January 31 January 31 Accounts Payable Debit 5,800 Deferred Revenue Debit 4,550 Credit 24,390 Retained Earnings Debit 5,600 Credit 5,300 Supplies Expense Debit 5,500 Credit 31,850 Credit 5,600 Balance 5,000 10,300 4,500 Balance 0 5,500 950 Balance 17,500 49,350 24,960 Balance 0 5,600 0 444 44 14 No. 3 10 12 No. Date January 01 January 13 January 31 January 31 Date January 01 5 January 20 11 January 31 13 January 31 Service Revenue Debit 31,850 Credit Salaries Expense Debit 13,300 4,540 27,300 4,550 Credit 17,840 Balance 0 27,300 31,850 0 Balance 0 13,300 17,840 0 < General Journal 44 44 No. 9 13 No. 8 13 Date January 01 January 31 January 31 Date January 01 January 31 January 31 Trial Balance > Supplies Expense Debit 5,600 Rent Expense Debit 950 Credit 5,600 Credit 950 Balance 0 5,600 0 Balance 0 950 0 Requirement Post-closing General Journal Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Salaries Payable Deferred Revenue Common Stock Retained Earnings Total General Ledger Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Trial Balance Income Statement Account Title Balance Sheet Analysis Dynamite Fireworks Trial Balance January 31, 2024 Debit 26,500 8,400 4,600 10,450 68,000 117,950 $ Credit 4,500 4,540 950 83,000 24,960 117,950 d. Unpaid salaries at the end of January are $4,540. Requirement Post-closing Revenues: Total Revenue General Journal Expenses: Prepare an income statement for the period ended January 31, 2024. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. General Ledger Total Expenses Trial Balance Dynamite Fireworks Income Statement For the Year Ended January 31, 2024 Income Statement $ 0 Balance Sheet Analysis 0 0 d. Unpaid salaries at the end of January are $4,540. Requirement Post-closing Current Assets: General Journal Total Current Assets Long-term Assets: Total Assets Prepare a classified balance sheet as of January 31, 2024. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. General Ledger Assets Trial Balance $ Income Statement Dynamite Fireworks Balance Sheet January 31, 2024 Balance Sheet Analysis 0 Current Liabilities: Total Current Liabilities 0 Total Liabilities Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity $ 0 0 0 0 0 0 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Using the information from the requirements above, complete the 'Analysis' tab. Analyze the following features of Dynamite Fireworks' financial condition: Analysis (a) What is the amount of profit reported for the month of January? The amount of profit reported for the month of January is (b) Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January. The ratio of current assets to current liabilities at the end of January is (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. Does the company appear to be in good or bad financial condition?