Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following

image text in transcribed
image text in transcribed
Required information [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: Accounts 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 Iosue 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 $18 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 Pinale 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. 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Sud DARA larin Antrian tener a Alacant. RETRI Required information View transaction list View journal entry worksheet X: Debit Dobit Credit 63,400 Record the closing entry for revenue. 63,400 Record the closing entry for expenses. 3 Record the closing entry for dividends. 59,000 42.000 6,200 7,300 1,500 2,000 Note : - Journal entry has been entered

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative International Accounting

Authors: Christopher Nobes, R. H. Parker

6th Edition

0273646028, 978-0273646020

More Books

Students also viewed these Accounting questions

Question

Do you set targets to reduce complaints?

Answered: 1 week ago