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On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: During January 2024, the following transactions occur: January2January9January13January17January20January22January29Purchaserentalspaceforoneyearinadvance,$11,400($950permonth).Purchaseadditionalsuppliesonaccount,$5,300.Provideservicestocustomersonaccount,$27,300.Receivecashinadvancefromcustomersforservicestobeprovidedinthefuture,$5,500.Paycashforsalaries,$13,300.Receivecashonaccountsreceivable,$25,900.Paycashonaccountspayable,$5,800. January 2
On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: During January 2024, the following transactions occur: January2January9January13January17January20January22January29Purchaserentalspaceforoneyearinadvance,$11,400($950permonth).Purchaseadditionalsuppliesonaccount,$5,300.Provideservicestocustomersonaccount,$27,300.Receivecashinadvancefromcustomersforservicestobeprovidedinthefuture,$5,500.Paycashforsalaries,$13,300.Receivecashonaccountsreceivable,$25,900.Paycashonaccountspayable,$5,800. 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. Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits
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