Answered Essay: On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances Debit Credit Accounts Cash Acc

On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances Debit Credit Accounts Cash Accounts Recelvable Supplies Land Accounts Payable Common Stock Retalned Earning $23,800 5,200 3,100 50,000 3,200 65,000 13,900 Totals 82,100 $ 82,100 During January 2018, the following transactions occur: January 2. Purchase rental space for one year in advance, $6,000 ($500/month). January 9. Purchase additional supplies on account, $3,500 January 13. Provide services to customers on account, $25,500 January 17. Receive cash in advance from customers for services to be provided in the future, $3,700 January 20. Pay cash for salaries, $11,500 January 22. Receive cash on accounts receivable, $24,100 January 29. Pay cash on accounts payable, $4,000 value: 10.00 points

Expert Answer



January 31, 2018

Debit Service Revenue…….. 28,700

Retained Earnings Credit………………. 28,700

(Close revenue accounts)

28,700 = 25,500+3,200

Retained Earnings ……………. 21,600

Salaries Expense ………………17,300

Rent Expense …………………….500

Supplies Expense ……………….3,800

(Close expense accounts)

($3,800 = $3,100+$3,500−$2,800)

17,300 = 11,500+5,800

(a) Profit is the amount of net income reported in the income statement = $7,100.

(b) Currents assets ($45,000) divided by current liabilities ($9,000) = 5.00

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