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Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,500 Accounts Receivable
Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,500 Accounts Receivable 6,900 Supplies 4,800 Land 67,000 Accounts Payable $ 4,900 Common Stock 82,000 Retained Earnings 17,300 Totals $104,200 $104,200 During January 2021, the following transactions occur January 2 Purchase rental space for one year in advance, $11,100 ($925/month). January 9 Purchase additional supplies on account, $5,200. January 13 Provide services to customers on account, $27,200. January 17 Receive cash in advance from customers for services to be provided in the future, $5,400. January 20 Pay cash for salaries, $13,200. January 22 Receive cash on accounts receivable, $25,800. January 29 Pay cash on accounts payable, $5,700. 5. Prepare a classified balance sheet as of January 31, 2021 DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities
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