Record closing entry for REVENUE, Expenses and Dividends

Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, S1 par value Additional Paid-in Capital Retained Earnings Totals S 44,200 47,500 9,000 79,000 S 10,500 16,100 15,000 95,000 43.100 $179,700 $179,700 During January 2021, the following transactions occur: January 2 Issue an additional 2,200 shares of S1 par value common stock for $44,000. January 9 Provide services to customers on account, $18,300. January 10 Purchase additional supplies on account, $6,400. January 12 Purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $18,000. January 21 Provide services to customers for cash. $50,600. January 22 Receive cash on accounts receivable, $18,100. 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 15,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 900 shares of treasury stock for S24 per share. January 31 Pay cash for salaries during January, $43,500. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $7.700. b. Supplies at the end of January total $6,600. c. 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 $11,500. d. Accrued income taxes at the end of January are $2,600. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet