On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts	Debit				Credit
Cash	$	24,400
Accounts Receivable		5,800
Supplies		3,700
Land		56,000
Accounts Payable					$	3,800
Common Stock						71,000
Retained Earnings						15,100
Totals	$	89,900			$	89,900

During Year 1, the following transactions occur:

January		2		Purchase rental space for one year in advance, $7,800 ($650/month).
January		9		Purchase additional supplies on account, $4,100.
January		13		Provide services to customers on account, $26,100.
January		17		Receive cash in advance from customers for services to be provided in the future, $4,300.
January		20		Pay cash for salaries, $12,100.
January		22		Receive cash on accounts receivable, $24,700.
January		29		Pay cash on accounts payable, $4,600.

5. Prepare a classified balance sheet as of January 31, Year 1.

Answer is not complete.

Balance Sheet
January 31, Year 1
Assets		Liabilities
Current assets:		Current liabilities:
Cashselected answer correct	$28,900selected answer correct	Accounts Payableselected answer correct	$3,300selected answer correct
Accounts Receivableselected answer correct	7,200selected answer correct	Deferred Revenueselected answer correct	not attempted
Suppliesselected answer correct	3,400selected answer correct	not attempted	not attempted
Prepaid Rentselected answer correct	7,150selected answer correct	not attempted	not attempted
not attempted	not attempted	Total current liabilities	3,300
Total current assets	46,650	Stockholder's Equity
Long-term assets:		Common Stockselected answer correct	71,000selected answer correct
Landselected answer correct	56,000selected answer correct	Retained Earningsselected answer correct	not attempted
not attempted	not attempted	not attempted	not attempted
not attempted	not attempted	Total stockholders' equity	71,000
Total assets	$102,650	Total liabilities and stockholders' equity	$74,300