On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts...
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On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Paid-in Capital-Excess of Par Retained Earnings Totals Debit $ 42,700 44,500 Credit 7,500 64,000 $ 9,000 14,600 10,000 80,000 45,100 $ 158,700 $ 158,700 During January 2024, 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. January 29 (Hint: Freedom Fireworks had 10,000 shares outstanding on January 1, 2024, 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, 2024. 1. Unpaid utilities for the month of January are $6,200. 2. Supplies at the end of January total $5,100. 3. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Paid-in Capital-Excess of Par Retained Earnings Totals Debit $ 42,700 44,500 Credit 7,500 64,000 $ 9,000 14,600 10,000 80,000 45,100 $ 158,700 $ 158,700 During January 2024, 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. January 29 (Hint: Freedom Fireworks had 10,000 shares outstanding on January 1, 2024, 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, 2024. 1. Unpaid utilities for the month of January are $6,200. 2. Supplies at the end of January total $5,100. 3. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was
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