1.

Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 10) assuming a FIFO perpetual inventory system. 2. Record Adjusting entries on January 31

On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Debit Credit $ 42,700 44,500 7,500 64,000 $ 9,000 14,600 10,000 80,000 45,100 Totals $158,700 $158,700 During January 2018, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000 January 9 Provide services to customers on account, $14,300 January 10 Purchase additional supplies on account, $4,900 January 12 Repurchase 1,000 shares of treasury stock for $18 per share January 15 Pay cash on accounts payable, $16,500 January 21 Provide services to customers for cash, $49,100 January 22 Receive cash on accounts receivable, $16,600 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 10,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) January 30 Reissue 600 shares of treasury stock for $20 per share January 31 Pay cash for salaries during January, $42,000 The following information is available on January 31, 2018 a. Unpaid utilities for the month of January are $6,200 b. Supplies at the end of January total $5,100 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 $10,000 d. Accrued income taxes at the end of January are $2,000