On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts...
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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 D During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,300 ($775/month). January 9 January 13 January 17 January 20 January 22 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. 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. 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 D During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,300 ($775/month). January 9 January 13 January 17 January 20 January 22 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. 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.
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