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Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts

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Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 24,400 5,800 3,700 56,000 $ 3,800 71,000 15,100 $ 89,900 $ 89,900 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $ 7,800 ($650/month). January 9 Purchase additional supplies on account, $4,100. January 13 Provide services to customers on account, $26,100. January 17 Receive cash in advance from customers for services to be provided in the future, $4,300. January 20 Pay cash for salaries, $12,100. January 22 Receive cash on accounts receivable, $24,700. January 29 Pay cash on accounts payable, $4,600. 5. Prepare a classified balance sheet as of January 31, 2021. DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: 0 Total current liabilities Stockholder's Equity 0 Total current assets Long-term assets: 0 Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 0 $ 0

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