Question
Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,100 Accounts Receivable
Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,100 Accounts Receivable 6,500 Supplies 4,400 Land 63,000 Accounts Payable $ 4,500 Common Stock 78,000 Retained Earnings 16,500 Totals $ 99,000 $ 99,000 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,900 ($825/month). January 9 Purchase additional supplies on account, $4,800. January 13 Provide services to customers on account, $26,800. January 17 Receive cash in advance from customers for services to be provided in the future, $5,000. January 20 Pay cash for salaries, $12,800. January 22 Receive cash on accounts receivable, $25,400. January 29 Pay cash on accounts payable, $5,300. 5. Prepare a classified balance sheet as of January 31, 2021.
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