On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 42,700 Accounts Receivable 44,500 7, 500 64,000 Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings $ 9,000 14,600 10,000 80,000 45,100 $158, 700 S158,700 Totals During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value conmon stock for $40,000. January January 10 Purchase additional supplies on account, $4,900. January 12 Purchase 1, 000 ahares 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 outatanding on January 29. The dividend 9 Provide services to customers on account, $14,300. is payable on February 15. (Hint: Grand Finale Pireworks had 10,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $20 per share. January 31 Pay cash for salaries during January, $42,000. 1. Record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 10 Record issuance of an additional 2,000 shares of $1 par value common stock for $40,000. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Record entry Clear entry View general journal Exercise 10-17 Part 2 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 straightline 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 $2,00o. 2. Record the adjusting entries on January 31, 2018 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 4 Unpaid utilities for the month of January are $6,200. Prepare the adjusting entry for utilities. Note: Enter debits before credits. Date General Journal Debit Credit Jaruary 31 3. Prepare an adjusted trial balance as of January 31, 2021. 4. Prepare an income statement for the period ended January 31, 2021. 5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)