Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts

On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit $ 44,300 47,700 9,100 80,000 $181,100 Credit $10,600 16,200 16,000 96,000 42,300 $181,100 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, $18,800. January 10 Purchase additional supplies on account, $6,500. January 12 Purchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $18,100. January 21 Provide services to customers for cash, $50,700. January 22 Receive cash on accounts receivable, $18,200. 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 16,000 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, $43,600.
image text in transcribed
During January 2024, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value conmon stock for $40,000. January 9 provide services to customers on account, $18,800. January 10 Purchase additional supplies on account, $6,500. January 12 purchase 1,100 shares of treasury stock for $19 per share. January 15 pay cash on accounts payable, $18,100. January 21 Provide services to customers for cash, $50,700. January 22 Receive cash on accounts receivable, $18,200. 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 Pinale Pireworks had 16,000 shares outstanding on January 1,2024 , and dividends are not paid on treasury stock.) January 30 Resel1 700 shares of treasury stock for $21 per share. January 31 pay cash for salaries during January, $43,600. During January 2024, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value conmon stock for $40,000. January 9 provide services to customers on account, $18,800. January 10 Purchase additional supplies on account, $6,500. January 12 purchase 1,100 shares of treasury stock for $19 per share. January 15 pay cash on accounts payable, $18,100. January 21 Provide services to customers for cash, $50,700. January 22 Receive cash on accounts receivable, $18,200. 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 Pinale Pireworks had 16,000 shares outstanding on January 1,2024 , and dividends are not paid on treasury stock.) January 30 Resel1 700 shares of treasury stock for $21 per share. January 31 pay cash for salaries during January, $43,600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions