Required information Exercise 10-20 (Algo) 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, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit $ 43,500 46,100 Credit 8,300. 72,000 $9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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. Exercise 10-20 (Algo) Part 2 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 straightline 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. 2. Record the adjusting entries on January 31, 2024 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 Unpaid utilities for the month of January are $7,000. Prepare the adjusting entry for utilities. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry < Prev 4 56 > View general journal 6 of 9 Next > eBook Print References 5 4 Supplies at the end of January total $5,900. Prepare the adjusting entry for supplies. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Journal entry worksheet 1 2 3 4 $ 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. Prepare the adjusting entry for depreciation. Note: Enter debits before credits. Date: January 31 General Journal Debit Credit Record entry Clear entry View general ioural < 1 2 3 Accrued income taxes at the end of January are $2,800. Prepare the adjusting entry for income taxes. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal