Question

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	23,900
Accounts Receivable		5,300
Supplies		3,200
Land		51,000
Accounts Payable					$	3,300
Common Stock						66,000
Retained Earnings						14,100
Totals	$	83,400			$	83,400

During January 2021, the following transactions occur:

January		2		Purchase rental space for one year in advance, $6,300 ($525/month).
January		9		Purchase additional supplies on account, $3,600.
January		13		Provide services to customers on account, $25,600.
January		17		Receive cash in advance from customers for services to be provided in the future, $3,800.
January		20		Pay cash for salaries, $11,600.
January		22		Receive cash on accounts receivable, $24,200.
January		29		Pay cash on accounts payable, $4,100.

The following information is available on January 31.

• Rent for the month of January has expired.
• Supplies remaining at the end of January total $2,900.
• By the end of January, $3,275 of services has been provided to customers who paid in advance on January 17.
• Unpaid salaries at the end of January are $5,730.

Solve Service Revenue, Retained Earning for Jan 31 and retained earning for jan 31. Create income statemenent and balance sheet

No	Date	Account Title	Debit	Credit
1	Jan 02	Prepaid Rent	6,300
		Cash		6,300
2	Jan 09	Supplies	3,600
		Accounts Payable		3,600
3	Jan 13	Accounts Receivable	25,600
		Service Revenue		25,600
4	Jan 17	Cash	3,800
		Deferred Revenue		3,800
5	Jan 20	Salaries Expense	11,600
		Cash		11,600
6	Jan 22	Cash	24,200
		Accounts Receivable		24,200
7	Jan 29	Accounts Payable	4,100
		Cash		4,100
8	Jan 31	Rent Expense	525
		Prepaid Rent		525
9	Jan 31	Supplies Expense	3,900
		Supplies		3,900
10	Jan 31	Deferred Revenue	3,275
		Service Revenue		3,275
11	Jan 31	Salaries Expense	5,730
		Salaries Payable		5,730
12	Jan 31	Service Revenue
		Retained Earnings
13	Jan 31	Retained Earnings
		Salaries Expense		17,330
		Rent Expense		525
		Supplies Expense		3,900

Answer 1