Required Information On January 1, 2021, the general ledger of Dynamite Fireworks Includes the following account balances: Accounts Debit Credit Cash $24,900 Accounts Receivable Supplies 6,300 4,200 Land 61,000 Accounts Payable $ 4,300 Common Stock 76,000 Retained Earnings 16,100 Totals $96,400 $96,400 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,300 ($775/month). January 9 Purchase additional supplies on account, $4,600. January 13 Provide services to customers on account, $26,600. January 17 Receive cash in advance from customers for services to be provided in the future, $4,800. January 20 Pay cash for salaries, $12,600. January 22 Receive cash on accounts receivable, $25,200. January 29 Pay cash on accounts payable, $5,100. 4. Prepare an Income statement for the period ended January 31, 2021. DYNAMITE FIREWORKS Income Statement For the year ended January 31, 2021 Revenues: Service Revenue 26,600 Expenses: Rent Expense $ 775 Salaries Expense 12,600 Supplies Expense 4,200 Total Expenses 17,575 Net Income 13,225