On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:

Accounts	Debit			Credit
Cash	$	44,100
Accounts Receivable		47,300
Supplies		8,900
Equipment		78,000
Accumulated Depreciation				$	10,400
Accounts Payable					16,000
Common Stock, $1 par value					14,000
Paid-in Capital-Excess of Par					94,000
Retained Earnings					43,900
Totals	$	178,300		$	178,300

During January 2018, 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, $18,200.
January		10		Purchase additional supplies on account, $6,300.
January		12		Repurchase 1,100 shares of treasury stock for $21 per share.
January		15		Pay cash on accounts payable, $17,900.
January		21		Provide services to customers for cash, $50,500.
January		22		Receive cash on accounts receivable, $18,000.
January		29		Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15.
				(Hint: Grand Finale Fireworks had 14,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.)
January		30		Reissue 800 shares of treasury stock for $23 per share.
January		31		Pay cash for salaries during January, $43,400.

The following information is available on January 31, 2018.

1. Unpaid utilities for the month of January are $7,600.
2. Supplies at the end of January total $6,500.
3. 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 $11,400.
4. Accrued income taxes at the end of January are $2,500

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. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 11-14). Record the closing entries in the 'General Journal' tab (these are shown as items 15 and 16). (The company prepares closing entries by closing the appropriate accounts directly to Retained Earnings. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• 1

  Issue an additional 2,000 shares of $1 par value common stock for $40,000.

• 2

  Provide services to customers on account, $18,200.

• 3

  Purchase additional supplies on account, $6,300.

• 4

  Repurchase 1,100 shares of treasury stock for $21 per share.

• 5

  Pay cash on accounts payable, $17,900.

• 6

  Provide services to customers for cash, $50,500.

• 7

  Receive cash on accounts receivable, $18,000.

• 8

  Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 14,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.)

• 9

  Reissue 800 shares of treasury stock for $23 per share.

• 10

  Pay cash for salaries during January, $43,400.

• 11

  Record the adjusting entry for utilities.

• 12

  Record the adjusting entry for supplies.

• 13

  Record the adjusting entry for depreciation.

• 14

  Record the adjusting entry for income tax.

• 15

  Record the closing entry for revenue.

• 16

  Record the closing entry for expenses.