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help with all steps please On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances Accounts Cash Accounts Receivable
help with all steps please
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, 51 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,7ee 48,500 9, see 84.ee $ 11,000 16,600 2e, eee 100,000 39,100 $186,700 5186,700 During January 2021, the following transactions occur January 2 Issue an additional 2,300 shares of $1 par valve common stock for $45,000. January 9 Provide services to customers on account, $20,400 January 10 Purchase additional supplies on account, 56,900. January 12 Purchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $18,500 January 21 Provide services to customers for cash, 551,180 January 22 Receive cash on accounts receivable, $18.600. January 29 Declare a cash dividend of 50.20 per Share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 20,00 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 300 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, 544,000 The following information is available on January 31, 2021 a Unpald utilities for the month of January are $8.200 b. Supplies at the end of January total $7.100 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 $12,000, d Accrued Income taxes at the end of January are $3,100 Analysis Trial Balance Balance Sheet Income Statement General Ledger General Journal Requirement Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 10) assuming a FIFO perpetual inventory system. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31, in the 'General Journal' tab (these are shown as items 11-14). 3. Review the adjusted Trial Balance as of January 31, 2021, in the Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the 'Balance Sheet' tab, 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15-17). 7. Using the information from the requirements above, complete the 'Analysis' tab Step by Step Solution
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