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Required Information [The following Information applies to the questions displayed below.] On January 1, 2024, the general ledger of Grand Finale Fireworks Includes the
Required Information [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: Cash Accounts Receivable Accounts Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit $ 44,200 47,500 Credit 9,000 79,000 $10,500 16,100 15,000 95,000 43,100 $179,700 $179,700 During January 2024, the following transactions occur. January 2 Issue an additional 2,200 shares of $1 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, 2024, and dividends are not paid on treasury stock.) January 30 Resell 900 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $43,500. 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. 3. Prepare an adjusted trial balance as of January 31, 2024. Accounts GRAND FINALE FIREWORKS Adjusted Trial Balance January 31, 2024 Debit Credit
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