Chapter Ten Homework i Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indice 10 On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: points Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,00 47,190 8,800 77,000 $ 10,300 15.900 13,000 93.000 44,700 $176,999 $176,900 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, $17,900. January 10 Purchase additional supplies on account, 56,200. January 12 Purchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $17,800. January 21 Provide services to customers for cash, $50,400. January 22 Receive cash on accounts receivable, $17,990. January 29 Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 13,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $43,380. The following information is available on January 31, 2021, a. Unpaid utilities for the month of January are $7.500. b. Supplies at the end of January total $6,400. 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 $11,300. d. Accrued income taxes at the end of January are $2,400. Answer is not complete. Requirement General General Ledger Journal Trial Balance Income Statement Analysis Balance Sheet If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. No Account Title Credit Date Jan 02 Debit 40,000 Cash | Common Stock 2.000 Jan 21 Cash 50,400 Service Revenue 50,400 Jan 22 Cash 17,900 Accounts Receivable 17,900 Jan 29 2,800 Dividends Dividends Payable 2,800 Jan 30 Cash 13,200 Treasury Stock Additional Paid-in Capital 12,000 1,200 10 Jan 31 43,300 Salaries Expense Cash 43,300 Jan 31 7,500 Utilities Expense Utilities Payable 7,500 Jan 31 8,600 Supplies Expense Supplies 8,600 Jan 31 21,000 X Accumulated Depreciation Equipment 21,000 Jan 31 2,400 Income Tax Expense Income Tax Payable 2,400 15 Jan 31 68,300 Service Revenue Retained Earnings 68,300 16 Jan 31 Retained Earnings Depreciation Expense Supplies Expense Salaries Expense Utilities Expense
