On January 1, 2018, the general ledger of Dynamite Fireworks includes the follow
ID: 2336205 • Letter: O
Question
On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances: Cash Accounts Receivable Supplies 25,500 6,900 4,800 67,000 Accounts Payable Common Stock Retained Earnings 4,900 82,000 17,300 Totals $104,200 $104,200 During January 2018, the following transactions occur January January January 2 Purchase rental space for one year in advance, $11,100 ($925/month) 9 Purchase additional supplies on account, $5,200. 13 Provide services to customers on account, $27,200 January 17 Recoive 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. The following information is available on January 31, 2018 a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $4,500. c By the end of January, 54.475 of services has been provided to customers who paid in advance on January 17 d. Unpaid salaries at the end of January are $4,610. t General GenerallTrial Balance Statement Statement Balance Sheet Requlrement If no entry is required for a transaction/event, select "No journal entry required" in the first account field MacBook Air FI DOO FA F2 F3 FSExplanation / Answer
General Journal :-
Date
General Journal
Debit
Credit
Jan 2
Rent Advanced
11100
Cash
11100
Jan 9
Supplies
5200
Account Payable
5200
Jan 13
Account Receivable
27200
Fee Earned on Service
27200
Jan 17
Cash
5400
Unearned Revenue
5400
Jan 20
Salary
13200
Cash
13200
Jan 22
Cash
25800
Account Receivable
25800
Jan 29
Account Payable
5700
Cash
5700
Jan 31
Rent Exp
925
Rent Advanced
925
Jan 31
Supplies Exp
700
Supplies
700
Jan 31
Unearned Revenue
4475
Fee Earned on Service
4475
Jan 31
Salary
4610
Salary Outstandng
4610
General Ledger :-
Cash :-
Beg. Bal.
25500
Jan 2
11100
Jan 17
5400
Jan 20
13200
Jan 22
25800
Jan 29
5700
End Bal.
26700
Account Receivable :-
Beg. Bal.
6900
Jan 22
25800
Jan 13
27200
End Bal.
8300
Supplies :-
Beg. Bal.
4800
Jan 31
700
Jan 9
5200
End Bal.
9300
Land :-
Beg. Bal.
67000
End Bal.
67000
Account Payable :-
Beg. Bal.
4900
Jan 9
5200
Jan 29
5700
End Bal.
4400
Comon Stock :-
Beg. Bal.
82000
End Bal.
82000
Retained Earning :-
Beg. Bal.
17300
End Bal.
17300
Rent Advanced :-
Beg. Bal.
Jan 31
925
Jan 2
11100
End Bal.
10175
Fee Earned on Service :-
Beg. Bal.
Jan 13
27200
Jan 31
4475
End Bal.
31675
Salary :-
Beg. Bal.
Jan 20
13200
Jan 31
4610
End Bal.
17810
Salary Outstanding :-
Beg. Bal.
Jan 31
4610
End Bal.
4610
Unearned Revenue :-
Beg. Bal.
Jan 17
5400
Jan 31
4475
End Bal.
925
Rent Exp:-
Beg. Bal.
Jan 31
925
End Bal.
925
Supplies Exp :-
Beg. Bal.
Jan 31
700
End Bal.
700
Trial Balance :-
S.No
Particulars
Debit
Credit
1
Cash
26700
2
A/c Receivable
8300
3
Supplies
9300
4
Land
67000
5
A/c Payable
4400
6
Common Stock
82000
7
Retained Earnings
17300
8
Rent Advanced
10175
9
Fee Earned on Service
31675
10
Salary
17810
11
Salary Outstanding
4610
12
Unearned Revenue
925
13
Rent Exp
925
14
Supplies Exp
700
Total
140910
140910
Income Statement :-
Revenue:
Fee Earned on Service
31675
Expense :-
Salary
17810
Rent Exp
925
Supplies Exp
700
19435
Net Income(Loss)
12240
Balance Sheet :-
Current Asset :
Cash
26700
A/c Receivable
8300
Rent Advanced
10175
Supplies
9300
Non Current Asset :-
Land
67000
Total Assets
121475
Current Liabilities :-
A/c Payable
4400
Salary Outstanding
4610
Unearned Revenue
925
Non Current Liab & Stockholders Equity :-
Common Stock
82000
Retained Earning (17300 + 12240)
29540
Total Liab & Stockholder Equity
121475
Date
General Journal
Debit
Credit
Jan 2
Rent Advanced
11100
Cash
11100
Jan 9
Supplies
5200
Account Payable
5200
Jan 13
Account Receivable
27200
Fee Earned on Service
27200
Jan 17
Cash
5400
Unearned Revenue
5400
Jan 20
Salary
13200
Cash
13200
Jan 22
Cash
25800
Account Receivable
25800
Jan 29
Account Payable
5700
Cash
5700
Jan 31
Rent Exp
925
Rent Advanced
925
Jan 31
Supplies Exp
700
Supplies
700
Jan 31
Unearned Revenue
4475
Fee Earned on Service
4475
Jan 31
Salary
4610
Salary Outstandng
4610