On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances Accounts Cash Debit $42,900 Credit Accounts Receivable 44,900 Supplies 7,700 Equipment 66,000 Accumulated Depreciation $9,200 Accounts Payable 14,800 Common Stock, $1 par value 12,000 Additional Paid-in Capital 82,000 Retained Earnings 43,500 Totals $161,500 $161,500 During January 2024, the following transactions occur January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000, January 9 Provide services to customers on account, $14,000. January 10 Purchase additional supplies on account, $5,100. January 12 Purchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $16,700. January 21 Provide services to customers for cash, $49,300. January 22 Receive cash on accounts receivable, $16,800. 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 12,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $42,200. The following information is available on January 31, 2024. a. Unpaid utilities for the mooth of January are $6,400. b. Supplies at the end of January total $5,300 Depreciation on the equipment for the month of January is calculated using the straight-line rpethod. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $10,200 d. Accrued income taxes at the end of January are $2,200 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 10). 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 to 14). 3. Review the adjusted Trial Balance' as of January 31, 2024, in the Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2024, in the 'Income Statement tab. 5. Prepare a classified balance sheet as of January 31, 2024, in the 'Balance Sheet" tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15 to 17). General Journal > View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 17 Record issuance of an additional 2,200 shares of $1 par value common stock for $44,000. Note: Enter debits before credits. Date January 021 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 4 5 6 7 8 17 Record the services provided to customers on account, $14,800 Note: Enter debits before credits. Date January 09 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 30 4 5 6 7 17 Record purchase of additional supplies on account, $5,100. Note: Enter debits before credits Date January 10 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 5 6 7 8 17 Record purchase of 1,000 shares of treasury stock for $20 per share. Note: Enter debits before credits. Date January 12 General Journal Debit Credit Clear entry Record entry View general journal View transaction list Journal entry worksheet < 2 3 4 6 7 8 17 Record payment of cash on accounts payable, $16,700. Note: Enter debits before credits, Date January 15 General Journal Debit Credit Record entry Clear entry View general journal Requirement General Ledger > View transaction list Journal entry worksheet < 1 2 3 4 5 7 8 17 Record the services provided to customers for cash, $49,300. Note: Enter debits before credits. Date January 21 General Journal Debit Credit Clear entry Record entry View general journal Requirement General Ledger > View transaction list Journal entry worksheet < 1 2 3 4 5 9 8 17 Record the receipt of cash on accounts receivable, $16,800. Note: Enter debits before credits. Date January 22 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 17 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 12,000 shares outstanding on January 1, 2024 and dividends are not paid on treasury stock.) Note: Enter debits before credits. Date January 29 General Journal Debit Credit Record entry Clear entry View general Journal < Requirement General Ledger View transaction list Journal entry worksheet < 1 4 5 6 7 8 Record the resale of 700 shares of treasury stock for $22 per share. Note: Enter debits before credits. Date January 30 17 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 5 6 7 8 6 10 17 Record the payment of cash for salaries during January, $42,200. Note: Enter debits before credits Date January 31 General Journal Debit Credit Clear entry Record entry View general journal View transaction list Journal entry worksheet < 1 7 8 9 10 11 17 Unpaid utilities for the month of January are $6,400. Prepare the adjusting entry for utilities. Note: Enter debits before credits, Date January 31 General Journal Debit Credit Record entry Clear entry View general journal Requirement General Ledger > View transaction list Journal entry worksheet 1 7 8 9 10 11 12 17 Supplies at the end of January total $5,300. Prepare the adjusting entry for supplies. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journali View transaction list Journal entry worksheet < 1 8 9 10 11 12 13 17 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 $10,200. Prepare the adjusting entry for depreciation. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Clear entry Record entry View general journal < Requirement General Ledger > View transaction list Journal entry worksheet < 1 9 10 11 12 13 14 17 Accrued income taxes at the end of January are $2,200. Prepare the adjusting entry for income taxes. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Clear entry Record entry View general journal View transaction list Journal entry worksheet < 1 10 11 12 13 14 15 17 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 10 11 12 13 14 14 Record the entry to close the expense accounts. Note: Enter debits before credits. Date January 31 15 16 17 General Journal Debit Credit Record entry Clear entry View general journal Requirement General Ledger View transaction list Journal entry worksheet < 1 10 11 12 13 14 15 16 17 Record the entry to close the dividends account. Note: Enter debits before credits. Dato January 31 General Journal Debit Credit Record entry Clear entry View general journal Unadjusted Cash No. Date Debit January 011 General Ledger Account Accounts Receivable Credit Balance No. 42,900 Date January 01 Debit Credit Balance 44,900 Supplies Equipment No. Date Debit Credit Balance No. December 31 7,700 Date December 31 Debit Credit Balance 66,000 Accumulated Depreciation No. Date Debit January 01 Common Sk No. Dato Debit January 01 No. Date January 01 Credit Balance No. 9.200 Date January 01 Accounts Payable Debit Credit Balance 14,800 Additional Paid-in Capital Credit Balance No. Date Debit Credit Balance 12,000 January 01 82.000 Retained Earnings Debit Credit Balance 43,500 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock Additional Paid-in Capital) Retained Earnings Total Grand Finale Fireworks Trial Balance January 31, 2024 Account Title Debit Credit $ 42.900 44,900 7,700 66,000 9.200 14,000 12,000 82,000 43,500 161,500 $ 161,500 General Requirement Journal General Ledger Trial Balance Incom Statement Balance Sheet Prepare a multiple-step income statement for the period ended January 31, 2024. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Total Revenue Grand Finale Fireworks Multiple-Step Income Statement For the Month Ended January 31, 2024 Total Operating Expenses Trial Balance Balance Sheet > Prepare a classified balance sheet as of January 31, 2024. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Assets Current Assets Grand Finale Fireworks Classified Balance Sheet January 31, 2024 Liabilities Current Liabilities: Total Current Assets Total Current Liabilities Noncurrent Assets Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets