Required information Exercise 10-17 Complete the accounting cycle using stockholders' equity transactions (L010-2, 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: Recount Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 42,700 44,500 7,500 64,000 $ 9.000 14,600 10,000 80,000 45, 100 $ 158,700 $158,700 During January 2021, 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, $14,300. January 10 Purchase additional supplies on account, $4,900. January 12 Purchase 1.000 shares of treasury stock for $10 per share. January 15 Pay cash on accounts payable, $16.500. January 21 Provide services to customers for cash, $49,100. January 22 Receive cash on accounts receivable, $16,600. 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 10,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $20 per share. January 31 Pay cash for salaries during January, $42,000. Exercise 10-17 Part 3 3. Unpaid utilities for the month of January are $6,200. b. Supplies at the end of January total $5,100. 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 $10,000. d. Accrued income taxes at the end of January are $2,000 3. Prepare an adjusted trial balance as of January 31, 2021. GRAND FINALE FIREWORKS Adjusted Trial Balance January 31, 2021 Debit Credit Exercise 10-17 Part 4 4. Prepare an income statement for the period ended January 31, 2021. GRAND FINALE FIREWORKS Income Statement For the month ended January 31, 2021 Revenues: Expenses: Income Before Taxes Exercise 10-17 Part 5 5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) GRAND FINALE FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Total Current Liabilities Stockholders' Equity Total Current Assets of Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets 5 0 $ 0 Exercise 10-17 Part 6 6. Record closing entries. (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 2 3 Record the closing entry for revenue. Note: Enter debits before credits Date General Journal Debit Credit January 31, 2021