Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I only need help on the red part I got wrong ! Thank you!! On January 1, 2021, the general ledger of Grand Finale Fireworks

image text in transcribed
image text in transcribed
I only need help on the red part I got wrong ! Thank you!!
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: points Accounts Cash Accounts Receivable se Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $44,600 48,300 9.400 83,000 $ 10.900 16,500 19.000 99,000 39,900 $185,300 $185,300 eBook References During January 2021, the following transactions occur: January 2 Issue an additional 2,200 shares of $1 par value common stock for $44.000. January 9 Provide services to customers on account, $19,700. January 10 Purchase additional supplies on account, $6,800. January 12 Purchase 1,000 shares of treasury stock for $22 per share January 15 Pay cash on accounts payable, $18.400. January 21 Provide services to customers for cash, $51,000. January 22 Receive cash on accounts receivable. $19,500. January 29 Declare a cash dividend of $0.30 per share to all share outstanding on January 29. The dividend payable on Tebruary 15. lant: Grand Finale Fireworks had 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock January 30 Rosell 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $43,900. cation mework 51.000 mode : This shows what is correct or incorrect for the wur completion. 18.500 Required information Cash Service Revenue January 21 Cash Accounts Receivable January 22 Accounts Payable Dividends Payable January 29 Cash Treasury Stock Additional Paid-in Capital January 30 Salaries Expense nry 31 Cash

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

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

More Books

Students also viewed these Accounting questions