On January 1, 2021, 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
Additional Paid-in Capital					94,000
Retained Earnings					43,900
Totals	$	178,300		$	178,300

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, $18,200.
January		10		Purchase additional supplies on account, $6,300.
January		12		Purchase 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, 2021, and dividends are not paid on treasury stock.)
January		30		Resell 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, 2021.

Unpaid utilities for the month of January are $7,600.

Supplies at the end of January total $6,500.

Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $11,400.

Accrued income taxes at the end of January are $2,500

Journal Entry

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

2. Record the providing of services to customers on account, $18,200.

3. Record purchase of additional supplies on account, $6,300.

4. Record purchase of 1,100 shares of treasury stock for $21 per share.

5. Record payment of cash on accounts payable, $17,900.

6. Record the providing of services to customers for cash, $50,500.

7. Record the receipt of cash on accounts receivable, $18,000.

8. Record the declaration of 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. Record the reselling of 800 shares of treasury stock for $23 per share.

10. Record the payment of cash for salaries during January, $43,400.

11. Unpaid utilities for the month of January are $7,600. Prepare the adjusting entry for utilities.

12. Supplies at the end of January total $6,500. Prepare the adjusting entry for supplies.

13.Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $11,400. Prepare the adjusting entry for depreciation.

14. Accrued income taxes at the end of January are $2,500. Prepare the adjusting entry for income taxes.

15. Record the closing entry for revenue.

16. Record the closing entry for expenses.

17. Record the closing entry for dividends.