Answer Happy

On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $44,200 47,500 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals 9,000 79,000 $ 10,500 16,100 15,000 95,000 43,100 $179,700 $179,700

During January 2018, the following transactions occur: January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. January 9 Provide services to customers on account, $18,300. January Purchase additional supplies on account, $6,400. 10 January 12 Repurchase 1,000 shares of treasury stock for $22 per share. January 15Pay cash on accounts payable, $18,000. January 21Provide services to customers for cash, $50,600. January Receive cash on accounts receivable, $18,100. 22 January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 15,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) January Reissue 900 shares of treasury stock for $24 per share. 30 January 31Pay cash for salaries during January, $43,500. The following information is available on January 31, 2018. a. Unpaid utilities for the month of January are $7,700. b. Supplies at the end of January total $6,600. c. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $11,500, d. Accrued income taxes at the end of January are $2,600. General Ledger If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Requirement General Journal Trial Balance Income Statement Balance Sheet Analysis