Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021,...
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Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $24,000 Credit 5,400 Supplies 3,300 Land 52,000 Accounts Payable $ 3,400 Common Stock 67,000 Retained Earnings 14,300 Totals $84,700 $84,700 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,600 ($550/month). January 9 Purchase additional supplies on account, $3,700. January 13 Provide services to customers on account, $25,700. January 17 Receive cash in advance from customers for services to be provided in the future, $3,900. January 20 Pay cash for salaries, $11,700. January 22 Receive cash on accounts receivable, $24,300. January 29 Pay cash on accounts payable, $4,200. Exercise 3-21A Part 7 < Prev 13 632 of 13 Next Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $24,000 Credit 5,400 Supplies 3,300 Land 52,000 Accounts Payable $ 3,400 Common Stock 67,000 Retained Earnings 14,300 Totals $84,700 $84,700 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,600 ($550/month). January 9 Purchase additional supplies on account, $3,700. January 13 Provide services to customers on account, $25,700. January 17 Receive cash in advance from customers for services to be provided in the future, $3,900. January 20 Pay cash for salaries, $11,700. January 22 Receive cash on accounts receivable, $24,300. January 29 Pay cash on accounts payable, $4,200. Exercise 3-21A Part 7 < Prev 13 632 of 13 Next
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