On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances Credit Debit $43.400 8,200 71,000 Accounts Cash Accounts Receivable Supplies Equipent Accumulated Depreciation Accounts Payable Common Stock, 31 par value Additional Paid in Capital Retained Earnings Totals $ 9,700 15,00 17.00 39.500 $168,500 $168,500 During January 2021, the following transactions occur January 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000. January 9 Provide services to customers on account, $16,700. January 10 Purchase additional supplies on account. $5,600. January 12 Purchase 100 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $17200 January 21 Provide services to customers for cash, $49,800 January 22 Receive cash on accounts receivable $17,300 January 29 Declare a cash dividend of 20 per Share to all shares outstanding on January 29. The dividend is payable on February 15. Hitrand Finale Fire had 17.000 shares outstanding on January 1, 2021 and dividends are not paid on treasury Stock:) January 30 Resel 300 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, 342,700 The following information is available on January 31, 2021 a. Unpaid utilities for the month of January are $6.900. b. Supplies at the end of January total 55.800. c. 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 $10.700. d. Accrued income taxes at the end of January are $2,700. Requirement General Journal General Ledger Trial Balance income statement Balance Sheet Analysis 1. 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 January 29 Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 17,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 8ee shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $42,780. The following information is available on January 31, 2021 a. Unpaid utilities for the month of January are $6.900. b. Supplies at the end of January total $5,800. c. 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 $10,700 d. Accrued income taxes at the end of January are $2,700. General Requirement General Journal Ledger Trial Balance Income Statement Balance Sheet Analysis 1. 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. 2. Record adjusting entries on January 31, in the 'General Journal' tab (these are shown as items 11-14). 3. Review the adjusted Trial Balance' as of January 31, 2021, in the Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the Income statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the Balance Sheet' tab. 6. Record the closing entries in the 'General Journal" tab (these are shown as items 15-17). 7. Using the information from the requirements above, complete the 'Analysis' tab. General Journal >
