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, $5,700. |
Prepare a classified balance sheet as of January 31, 2021.
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Workings for Balance Sheet | Classified Balance Sheet as at 31st January 2021: | ||||
Rental space paid for 1 year | 11,100.00 | Assets | Amount ($) | ||
Rental expense for January | 925.00 | Current assets | |||
Prepaid Rent | 10,175.00 | Cash | 26,700.00 | ||
Accounts Receivable | 8,300.00 | ||||
Supplies Opening Balance | 4,800.00 | Supplies | 10,000.00 | ||
Additional purchase | 5,200.00 | Prepaid Rent | 10,175.00 | ||
Supplies Closing Balance | 10,000.00 | Total current assets | 55,175.00 | ||
Accounts Payable | Fixed assets | ||||
Opening Balance | 4,900.00 | Land | 67,000.00 | ||
Supplies purchased | 5,200.00 | Total non-current assets | 67,000.00 | ||
Cash paid | (5,700.00) | Office equipment | |||
Closing Balance | 4,400.00 | Total assets | 122,175.00 | ||
Accounts Receivable | LIABILITIES AND EQUITY | ||||
Opening Balance | 6,900.00 | Current liabilities | |||
Services provided | 27,200.00 | Accounts Payable | 4,400.00 | ||
Cash paid | (25,800.00) | Advance received from customers | 5,400.00 | ||
Closing Balance | 8,300.00 | Total current liabilities | 9,800.00 | ||
Cash | Long-term liabilities | - | |||
Opening Balance | 25,500.00 | ||||
Rental Paid | (11,100.00) | Total liabilities | 9,800.00 | ||
Advance received from customers | 5,400.00 | ||||
Salaries paid | (13,200.00) | Shareholders’ Equity | |||
Received from accounts receivable | 25,800.00 | Capital | 82,000.00 | ||
Paid to accounts payable | (5,700.00) | Retained earnings | 30,375.00 | ||
Closing Balance | 26,700.00 | Total equity | 112,375.00 | ||
Retained Earnings | Total liabilities and equity | 122,175.00 | |||
Opening Balance | 17,300.00 | ||||
Services provided | 27,200.00 | ||||
Salaries paid | (13,200.00) | ||||
Rent Expense | (925.00) | ||||
Closing Balance | 30,375.00 | ||||
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts...
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...
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...
! 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...
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...
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 $ 25,280 6,600 4,500 64,000 ok $ 4,600 79,000 16,700 $100, 300 nt $100,300 ences During January 2021, the following transactions occur January 2 Purchase rental space for one year in advance, $10,200 ($850/month). January 9 Purchase additional supplies on account, $4,900. January 13 Provide services to customers on account,...
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 $24,900 6,300 4,200 61,000 $ 4,300 76,000 16,100 $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...
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...
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,600 Accounts Receivable $ 6,000 Supplies 3,900 Land 58,000 Accounts Payable $ 4,000 Common Stock 73,000 Retained Earnings 15,500 Totals $92,500 $92,500 nts During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $8,400 ($700/month). January 9. Purchase additional supplies on account, $4,300. January 13 Provide services to customers on account, $26,300. January...
h 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 $24,900 6,300 4,200 61,000 $ 4,300 76,000 16,100 $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,...
Check 6 10 points On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Accounts Receivable 5,200 Supplies 3,100 Land 50,000 Accounts Payable $ 3,200 Common Stock 65,000 Retained Earnings 13,900 Totals $82,100 $82,100 eBook Print During January 2021, the following transactions occur: References January 2 Purchase rental space for one year in advance, $6,000 (5500/month). January 9 Purchase additional supplies on account, $3,500. January 13 Provide services to customers on account,...