Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable. Debit $ 25,800 Credit 7,200 Supplies 5,100. Land 70,000 Accounts Payable $ 5,200 Common Stock Retained Earnings 85,000 17,900 Totals $108,100 $108,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the account field.) View transaction list Journal entry worksheet Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date January 31, General Journal Debit Credit Service Revenue 27,500 2021 Retained Earnings 27500 Record entry Clear entry View general journal Prev S 40 of 10 Journal entry worksheet < 1 Record the entry to close the expense accounts. Note: Enter debits before credits. Date January 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal