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On January 1, Year 1, the general ledger of a company includes the following account balances:...

On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts Debit Credit
Cash $ 25,300
Accounts Receivable 6,700
Supplies 4,600
Land 65,000
Accounts Payable $ 4,700
Common Stock 80,000
Retained Earnings 16,900
Totals $ 101,600 $ 101,600

During Year 1, the following transactions occur:

January 2 Purchase rental space for one year in advance, $10,500 ($875/month).
January 9 Purchase additional supplies on account, $5,000.
January 13 Provide services to customers on account, $27,000.
January 17 Receive cash in advance from customers for services to be provided in the future, $5,200.
January 20 Pay cash for salaries, $13,000.
January 22 Receive cash on accounts receivable, $25,600.
January 29 Pay cash on accounts payable, $5,500.

6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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ekkarill92 answered 2 years ago
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