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On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals $ 22 S 44,600 48,300 9,400 83,000 185,300 $ 10,900 16,500 19,000 99,000 39,900 $ 185,300 During January 2021, the following transactions occur January 2 January 9 Provide services to customers on account, $19,700. Purchase additional supplies on account, $6,800, Purchase 1,000 shares of treasury stock for $22 per share. January 10 January 12 January 15 January 21 January Pay cash on accounts payable, $18,400. Provide services to customers for cash, $51,000. Receive cash on accounts receivable, $18,500. 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 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock) 30 Resell 700 shares of treasury stock for $24 per share. January January 31 Pay cash for salaries during January, $43,900. Prepare an adjusted trial balance as of January 31, 2021. Explain step by step please Issue an additional 2,200 shares of $1 par value common stock for $44,000.

On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals $ 22 S 44,600 48,300 9,400 83,000 185,300 $ 10,900 16,500 19,000 99,000 39,900 $ 185,300 During January 2021, the following transactions occur January 2 January 9 Provide services to customers on account, $19,700. Purchase additional supplies on account, $6,800, Purchase 1,000 shares of treasury stock for $22 per share. January 10 January 12 January 15 January 21 January Pay cash on accounts payable, $18,400. Provide services to customers for cash, $51,000. Receive cash on accounts receivable, $18,500. 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 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock) 30 Resell 700 shares of treasury stock for $24 per share. January January 31 Pay cash for salaries during January, $43,900. Prepare an adjusted trial balance as of January 31, 2021. Explain step by step please Issue an additional 2,200 shares of $1 par value common stock for $44,000.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1E
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On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals S S 44,600 48,300 9,400 83,000 185,300 $ 10,900 16,500 19,000 99,000 39,900 $ 185,300. During January 2021, the following transactions occur: January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. Provide services to customers on account, $19,700. January 9 January 10 Purchase additional supplies on account, $6,800. January 12 Purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $18,400. January 21 Provide services to customers for cash, $51,000. January 22 Receive cash on accounts receivable, $18,500. 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 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock) January 30 Resell 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $43,900. Prepare an adjusted trial balance as of January 31, 2021. Explain step by step please
Transcribed Image Text:On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals S S 44,600 48,300 9,400 83,000 185,300 $ 10,900 16,500 19,000 99,000 39,900 $ 185,300. During January 2021, the following transactions occur: January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. Provide services to customers on account, $19,700. January 9 January 10 Purchase additional supplies on account, $6,800. January 12 Purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $18,400. January 21 Provide services to customers for cash, $51,000. January 22 Receive cash on accounts receivable, $18,500. 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 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock) January 30 Resell 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $43,900. Prepare an adjusted trial balance as of January 31, 2021. Explain step by step please
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