Question
Cash $ 44,200
Accounts Receivable 47,500
Supplies 9,000
Equipment 79,000
Accumulated Depreciation $ 10,500
Accounts Payable 16,100
Common Stock, $1 par value 15,000
Additional Paid-in Capital 95,000
Retained Earnings 43,100
Totals $ 179,700 $ 179,700

During January 2021, 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, 2021, 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.


The following information is available on January 31, 2021.

  1. Unpaid utilities for the month of January are $7,700.
  2. Supplies at the end of January total $6,600.
  3. 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.
  4. Accrued income taxes at the end of January are 2600
    View transaction list Journal entry worksheet < 17 2 33 6 8 1 4 5 7 Record the declaration of a cash dividend of $0.30 per sh
  5. PART B
  6. record the closing REVENUE, EXPENSES, and DIVIDENDS
0 0
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Answer #1


Grand Finale Fireworks Journal Enteries Date Particulars 2.1.2021 Cash a/c Dr. To Common Stock To Paid in Capital in excess o

Adjusting Enteries Date Particulars 31.1.2021 Utilities Expense a/c To Accounts Payable (Expenses accrued) Dr. Debit in $ Cre

Trial Balance For the period ending 31.1.2021 Particulars Cash Accounts Receivable Supplies Equipment Accumulated Depreciatio

Amounts in $ Amounts in $ Balance sheet As at 31.1.2021 Assets Current Assets Cash Accounts Receivable Supplies Amounts in $

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