accounting Hw
Check my work mode : This shows what is correct or incorrect for the work you have completed so f Required information [The following information applies to the questions displayed below.) On January 1, 2021, 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 Totals Debit Credit $ 44,500 48, 100 9, 300 82,000 $ 10,800 16,400 18,000 98,000 40, 700 $183,900 $183,900 During January 2021, 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, $19,500. January 10 Purchase additional supplies on account, $6,700. January 12 Purchase 1, 200 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $18,300. January 21 Provide services to customers for cash, $50,900. January 22 Receive cash on accounts receivable, $18,400. 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 18,000 shares outstanding on January 2021, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $43,800. a. Unpaid utilities for the month of January are $8,000. b. Supplies at the end of January total $6,900.. 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 $11,800... d. Accrued income taxes at the end of January are $2,900. 3. Prepare an adjusted trial balance as of January 31, 2021. 3. Prepare an adjusted trial balance as of January 31, 2021. Answer is complete but not entirely correct. GRAND FINALE FIREWORKS Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Cash $ 80,300 Accounts Receivable 49,200 Supplies 6,900 Equipment 82,000 Accumulated Depreciation 12,750 Accounts Payable 12,800 X Income Tax Payable 2,900 Dividends Payable 5,640 Common Stock 20,000 Additional Paid-in Capital 136,000 Additional Paid-in Capital 1,200 Treasury Stock 12,600 Retained Earnings 40,700 Dividends 5,640 Service Revenue 70,400 Salaries Expense 43,800 Supplies Expense 9,100 Depreciation Expense 1,950 Utilities Expense 8,000 Income Tax Expense 2,900 Totals $ 302,390 $ 302,390
