Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-10) assuming a FIFO perpetual inventory system.
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Paid-in Capital-Excess of Par Retained Earnings Totals Debit Credit $ 44,700 48,500 9,500 84,000 $ 11,000 16,600 20,000 100,000 39,100 $186,700 $186,700 During January 2021, the following transactions occur: January 2 Issue an additional 2,300 shares of $1 par value common stock for $46,000. January 9 Provide services to customers on account, $20,400. January 10 Purchase additional supplies on account, $6,900. January 12 Repurchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $18,500. January 21 Provide services to customers for cash, $51, 100. January 22 Receive cash on accounts receivable, $18,600. 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: Freedom Fireworks had 20,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Reissue 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $44,000. The following information is available on January 31, 2021. 1. Unpaid utilities for the month of January are $8,200. 2. Supplies at the end of January total $7,100. 3. 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 $12,000. 4. Accrued income taxes at the end of January are $3,100. 1. Issue an additional 2,300 shares of $1 par value common stock for $40,000. 2. Provide services to customers on account, $20,400. 3. Purchase additional supplies on account, $6,900. 4. Repurchase 1,100 shares of treasury stock for $19 per share. 5. Pay cash on accounts payable, $18,500. 6. Provide services to customers for cash, $51,100. 7. Receive cash on accounts receivable, $18,600. 8. Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Freedom Fireworks had 20,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) 9. Reissue 800 shares of treasury stock for $21 per share. 10. Pay cash for salaries during January, $44,000. 11. Record the adjusting entry for utilities. 12. Record the adjusting entry for supplies. 13. Record the adjusting entry for depreciation. 14. Record the adjusting entry for income tax. 15. Record the closing entry for revenue. 16. Record the closing entry for expenses
