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can you give me the correct answers On January 1,2021 , the general ledger of Freedom Fireworks includes the following account balances: During January 2021
can you give me the correct answers
On January 1,2021 , the general ledger of Freedom Fireworks includes the following account balances: 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, $16,800. January 10 Purchase additional supplies on account, $5,700. January 12 Repurchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,300. January 21 Provide services to customers for cash, $49,900. January 22 Receive cash on accounts receivable, $17,400. (Hint: Freedom Fireworks had 18,000 shares outstanding on January 1, 2021 , and dividends are not paid on treasury stock.) January 30 Reissue 900 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $42,800. The following information is available on January 31, 2021. 1. Unpaid utilities for the month of January are $7,000. 2. Supplies at the end of January total $5,900. 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 $10,800. 4. Accrued income taxes at the end of January are $2,800Step by Step Solution
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