On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances:

AccountsDebitCreditCash $ 43,100

AccountsReceivable45,300

Supplies7,900

Equipment68,000

Accumulated Depreciation $9,400

Accounts Payable 15,000

Common Stock, $1 par value 14,000

Additional Paid-in Capital 84,000

Retained Earnings 41,900

Totals$164,300$164,300

During January 2024, 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, $15,300.
January 10		Purchase additional supplies on account, $5,300.
January 12		Purchase 1,100 shares of treasury stock for $19 per share.
January 15		Pay cash on accounts payable, $16,900.
January 21		Provide services to customers for cash, $49,500.
January 22		Receive cash on accounts receivable, $17,000.
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 14,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.)
January 30		Resell 700 shares of treasury stock for $21 per share.
January 31		Pay cash for salaries during January, $42,400.

Required

1. Record each of the transactions listed above.

3. Prepare an adjusted trial balance as of January 31, 2024.Unpaid utilities for the month of January are $6,600.

1. Supplies at the end of January total $5,500.
2. 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 $10,400.
3. Accrued income taxes at the end of January are $2,400.

5. Prepare a classified balance sheet as of January 31, 2024.