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Required information Exercise 10-17 Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5,10-8) [The following information applies to the questions displayed below.] On
Required information Exercise 10-17 Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5,10-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: During January 2021, 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, $19,300. January 10 Purchase additional supplies on account, $6,600. January 12 Purchase 1,200 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $18,200. January 21 Provide services to customers for cash, $50,800. January 22 Receive cash on accounts receivable, $18,300. 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 17,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 500 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $43,700. Exercise 10-17 Part 1 1. Record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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