(Solved): On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balanc ...

On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, \( \$ 7,500(\$ 625 / \mathrm{month}) \). January 9 Purchase additional supplies on account, \( \$ 4,000 \). January 13 Provide services to customers on account, \( \$ 26,000 \). January 17 Receive cash in advance from customers for services to be provided in the future, \( \$ 4,200 . \) January 20 Pay cash for salaries, \( \$ 12,000 \). January 22 Receive cash on accounts receivable, \( \$ 24,600 \). January 29 Pay cash on accounts payable, \( \$ 4,500 . \) The following information is available on January \( 31 . \) a. Rent for the month of January has expired. b. Supplies remaining at the end of January total \( \$ 3,300 \). c. By the end of January, \( \$ 3,575 \) of services has been provided to customers who paid in advance on January \( 17 . \) d. Unpaid salaries at the end of January are \( \$ 5,450 \). 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 7 ). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8 to 11 ). 3. Review the adjusted 'Trial Balance' as of January 31,2024 . 4. Prepare an income statement for the period ended January 31,2024 , in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31,2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 12 and 13 ). 7. Using the information from the requirements above, complete the 'Analysis' tab.