Question

Please help me with 5~9. Thank you so much????????

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 $ 25,00 7,109 5,000 69,000 $ 5,100 84,000 17,700 $106,800 $196,800 During January 2021, the following transactions occur January 2 Purchase rental space for one year in advance, $11,700 ($975/month). January 9 Purchase additional supplies on account, $5,400. January 13 Provide services to customers on account. $27.480. January 17 Receive cash in advance from customers for services to be provided in the future, $5,600. January 20 Pay cash for salaries, $13,400. January 22 Receive cash on accounts receivable. $26.000. January 29 Pay cash on accounts payable, $5,900. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) Answer is complete and correct. No Date General Journal Credit Debit 11,700 January 02 Prepaid Rent Cash 11,700 January 09 5,400 Supplies Accounts Payable 5,400 January 13 27,400 Accounts Receivable Service Revenue 27.400 January 17 5,600 Cash Deferred Revenue 5,600 January 20 13.400 Salaries Expense Cash 13,400 January 22 25,000 Cash Accounts Receivable 26.000 January 29 Accounts Payable 5.900 Cash 5.900

Answer 1

nmt A B C DYNAMITE FIREWORKS Adjusted Trial Balance January 31, 2021 Account Titles Debit ($) Credit ($) 5 Cash $ 26,300 6 Accounts Receivable $ 8,500 7 Supplies $ 4,700 8 Prepaid Rent $ 10,725 9 Land $ 69,000 10 Accounts Payable $ 4,600 11 Salaries Payable $ 4,470 12 Deferred Revenue $ 975 13 Common Stock $ 84,000 14 Retained Earnings $ 17,700 15 Service Revenue $ 32,025 16 Salaries Expense $ 17,870 17 Rent Expense $ 975 18 Supplies Expense $ 5,700 19 20 Total $ 143,770 $ 143,770 21

1 8 DYNAMITE FIREWORKS Income Statement 3 For the year ended January 31, 2021 4. Revenues: 5 Service Revenue $ 32,025 6 Total Revenue $ 32,025 7 Expenses Salaries Expense $ 17,870 9 Rent Expense $ 975 10 Supplies Expense $ 5,700 11 Total Expenses $ 24,545 12 Net Income $ 7,480 13 DYNAMITE FIREWORKS 15 Statement of Retained Earnings 16 For the year ended January 31, 2021 17 Retained Earnings, January 1 $ 17,700 18 Add: Net Income $ 7,480 19 Retained Earnings, January 31 $ 25,180 20. 14

DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Liabilities Current Liabilities $ 26,300 Accounts Payable $ 8,500 Salaries Payable $ 4,700 Deferred Revenue $ 10,725 Total Current Liabilities $ 50,225 Stockholder's Equity Common Stock $ 69,000 Retained Earnings $ $ $ Assets Current Assets 6 Cash 7 Accounts Receivable 8 Supplies 9 Prepaid Rent 10 11 Total Current Assets 12 Long - term assets 13 Land 14 4,600 4,470 975 $ 10,045 $ 84,000 $ 25,180 15 Total Stockholder's Equity $109,180 Total Liabilities and Stockholder's Equity $119,225 Total Assets $119,225 16 17

2 M Q Credit ($) 2 3 Date 1 $ 32,025 2 6 7 8 9 N P Closing Journal Entries Account Titles Debit ($) Service Revenue $ 32,025 Income Summary (To close revenue accounts) Income Summary $ 24,545 Salaries Expense Rent Expense Supplies Expense (To close expenses accounts) Income Summary $ 7,480 Retained Earnings (To close net income) $ $ $ 17,870 975 5,700 10 11 $ 7,480 12 13 14 15 16 17 7(a) 7(b) $ 7,480 5.00 =current assets/ current liabilities =$50,225 / $10,045 18 19 20 7(c) Good

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