The following information applies to the questions displayed below.] On January
ID: 2396330 • Letter: T
Question
The following information applies to the questions displayed below.]
On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances:
During January 2018, the following transactions occur:
January 2. Purchase rental space for one year in advance, $8,700 ($725/month).
January 9. Purchase additional supplies on account, $4,400.
January 13. Provide services to customers on account, $26,400.
January 17. Receive cash in advance from customers for services to be provided in the future, $4,600.
January 20. Pay cash for salaries, $12,400.
January 22. Receive cash on accounts receivable, $25,000.
January 29. Pay cash on accounts payable, $4,900.
Journal entry worksheet
Purchase rental space for one year in advance, $8,700 ($725/month).
Note: Enter debits before credits.
Accounts Debit Credit Cash $ 24,700 Accounts Receivable 6,100 Supplies 4,000 Land 59,000 Accounts Payable 4,100 Common Stock 74,000 Retained Earning 15,700 Totals $ 93,800 $ 93,800Explanation / Answer
(Figure in $) Accounts Debit Credit Cash 24,700 Accounts Receivable 6,100 Supplies 4,000 Land 59,000 Accounts Payable 4,100 Common Stock 74,000 Retained Earnings 15,700 Totals 93,800 93,800 Date Accounts Titles & explanation Debit Credit 2-Jan Prepaid Rent expenses 8,700 Cash 8700 9-Jan Supplies 4,400 Accounts Receivable 4,400 13-Jan Accounts Receiavble 26,400 Service Revenue 26,400 17-Jan Cash 4,600 Unearned Service Revenue 4,600 20-Jan Salaries 12,400 Cash 12,400 22-Jan Cash 25,000 Accounts Receivable 25,000 29-Jan Accounts Payable 4,900 Cash 4,900 Note: As per the given information, we can do this only
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