B wook ences On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Paid-in Capital-Excess of Par Retained Earnings Totals Debit $ 43,300 Credit 45,700 8,100 70,000 $ 9,600 15,200 16,000 86,000 40,300 $167,100 $167,100 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, $16,100. January 10 Purchase additional supplies on account, $5,500. January 12 Repurchase 1,300 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $17,100. January 21 Provide services to customers for cash, $49,700. January 22 Receive cash on accounts receivable, $17,200. 4 January 29 Declare a cash dividend of $0.40 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Freedom Fireworks had 16,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stack < Prev 3 of 4 Next > Submit A During January 2021, the following transactions occur January 2 Issue an additional 2,000 shares of $1 par value common stock for $480,000. January 9 Provide services to customers on account, $16,100. January 10 Purchase additional supplies on account, $5, see, January 12 Repurchase 1,300 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $17,100. January 21 Provide services to customers for cash, $49,700. January 22 Receive cash on accounts receivable, $17,200. January 29 Declare a cash dividend of $0.40 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Freedom Fireworks had 16,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resale 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $42,600. The following information is available on January 31, 2021 1. Unpaid utilities for the month of January are $6,800 2. Supplies at the end of January total $5,700. 3. 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 $10,600 4. Accrued income taxes at the end of January are $2,600. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1 S Book Issue an additional 2,000 shares of $1 par value common stock for $40,000. 2 Provide services to customers on account, $16,100. 3 Purchase additional supplies on account, $5,500. erences 4 Repurchase 1,300 shares of treasury stock for $19 per share. treasing 5 Pay cash on accounts payable, $17,100. 6 Provide services to customers for cash, $49,700. 7 Receive cash on accounts receivable, $17,200. Note: journal entry has been entered EX 16 > 10,000. Credit ces 8 Declare a cash dividend of $0.40 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Freedom Fireworks had 16,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) Resale 800 shares of treasury stock for $21 per share. 10 Pay cash for salaries during January, $42,600. 11 Record the adjusting entry for utilities. 12 Record the adjusting entry for supplies. 13 Record the adjusting entry for depreciation. (Hint: Remember that depreciation should be calculated just for journal entry has been entered 16 10,000. Credit Note: Record entry Clear entry 10 Pay cash for salaries during January, $42,600. 11 Record the adjusting entry for utilities. 12 Record the adjusting entry for supplies. 13 Record the adjusting entry for depreciation. (Hint: Remember that depreciation should be calculated just for the month of January.) 14 Record the adjusting entry for income tax. 15 Record the closing entry for revenue. 16. Record the closing entry for expenses. journal entry has been entered Note: Record entry 16 10,000. Credit Clear entry View general journal Retained... Saved , , selection. B Unadjusted ces Total revenue Freedom Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Total operating expenses Help Save & Exit Submit B Current Assets Book ondes Assets Saved Classified Balance Sheet January 31, 2021 Liabilities Current Liabilities Total Current Assets Total Current Liabilities Noncurrent Assets Stockholders' Equity Total Assets