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need help with recording closing entries for revenue accounts, expense accounts, dividends account. During January 2024 , the following transactions occur: January 2 Issue an
need help with recording closing entries for revenue accounts, expense accounts, dividends account.
During January 2024 , the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,00. January 9 Provide services to customers on account, $14,000. January 10 Purchase additional supplies on account, $5,000. January 12 Purchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $16,600. January 21 Provide services to customers for cash, $49,200. January 22 Receive cash on accounts receivable, $16,700. 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 11, 000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $42,100. The following information is available on January 31,2024. a. Unpaid utilities for the month of January are $6,300. b. Supplies at the end of January total $5,200. c. 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 $10,100. d. Accrued income taxes at the end of January are $2,100Step by Step Solution
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