Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I did the general journal. I got all of them correct except for the cash amount and additional pain capital for Jan 2nd. Check On

image text in transcribed

I did the general journal. I got all of them correct except for the cash amount and additional pain capital for Jan 2nd.

Check On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: 7 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,300 45,700 8,100 70,000 $ 9,600 15,200 16,000 86,000 40,300 $167,100 $167,100 32:55 During January 2021, the following transactions occur DOK rences January 2 Issue an additional 2,800 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $16,100. January 18 Purchase additional supplies on account, $5,500. January 12 Purchase 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: Grand Finale Fireworks had 16,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 880 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $42,600. here to search O M

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Data Analytics For Accounting

Authors: Author

2nd Edition

1264152000, 9781264152001

More Books

Students also viewed these Accounting questions

Question

Where in the hiring process are you?

Answered: 1 week ago