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On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 42,700 Accounts Receivable 44,500 Supplies
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:
Accounts | Debit | Credit | ||||
Cash | $ | 42,700 | ||||
Accounts Receivable | 44,500 | |||||
Supplies | 7,500 | |||||
Equipment | 64,000 | |||||
Accumulated Depreciation | $ | 9,000 | ||||
Accounts Payable | 14,600 | |||||
Common Stock, $1 par value | 10,000 | |||||
Paid-in Capital-Excess of Par | 80,000 | |||||
Retained Earnings | 45,100 | |||||
Totals | $ | 158,700 | $ | 158,700 | ||
During January 2021, 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, $14,300. | ||
January | 10 | Purchase additional supplies on account, $4,900. | ||
January | 12 | Repurchase 1,000 shares of treasury stock for $18 per share. | ||
January | 15 | Pay cash on accounts payable, $16,500. | ||
January | 21 | Provide services to customers for cash, $49,100. | ||
January | 22 | Receive cash on accounts receivable, $16,600. | ||
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: Freedom Fireworks had 10,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) | ||||
January | 30 | Reissue 600 shares of treasury stock for $20 per share. | ||
January | 31 | Pay cash for salaries during January, $42,000. |
The following information is available on January 31, 2021.
- Unpaid utilities for the month of January are $6,200.
- Supplies at the end of January total $5,100.
- 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 $10,000.
- Accrued income taxes at the end of January are $2,000.
I need the general Journal, General Ledger, Trial Balance, Income Statement, and Balance Sheet
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