Questions:

1. Record the entry to close the revenue accounts

2. Record the entry to close the expense accounts

3. Record the entry to close the revenue accounts.

On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: 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, $16,800. January 10 Purchase additional supplies on account, $5,700. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,300. January 21 Provide services to customers for cash, $49,900. January 22 Receive cash on accounts receivable, $17,400. 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 18,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 900 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $42,800. The following information is available on January 31,2024. a. Unpaid utilities for the month of January are $7,000. b. Supplies at the end of January total $5,900. c. 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 $10,800. d. Accrued income taxes at the end of January are $2,800