On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: AccountsDebitCreditCash $ 44,400 Accounts Receivable47,900 Supplies9,200 Equipment81,000 Accumulated Depreciation $10,700Accounts Payable 16,300Common Stock, $1 par value 17,000Additional Paid-in Capital 97,000Retained Earnings 41,500Totals$182,500$182,500 During January 2024, the following transactions occur: January 2Issue an additional 2,100 shares of $1 par value common stock for $42,000.January 9Provide services to customers on account, $19,300.January 10Purchase additional supplies on account, $6,600.January 12Purchase 1,200 shares of treasury stock for $20 per share.January 15Pay cash on accounts payable, $18,200.January 21Provide services to customers for cash, $50,800.January 22Receive cash on accounts receivable, $18,300.January 29Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 17,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.)January 30Resell 500 shares of treasury stock for $22 per share.January 31Pay cash for salaries during January, $43,700. 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first accountfield.)> Answer is not complete.General JournalDebitCredit70,10070,100NoDate1January 31, 2024 Service RevenueIncome Tax Expense2January 31, 2024 Income Tax ExpenseSalaries Expense> >43,700 x43,7003January 31, 2024 Income Tax Expense26,400 ×Retained Earnings☑26,400 x

Closing entries are only required for income statement accounts (revenue and expenses), which are…

Answered: 6. Record closing entries. (If no entry…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances:

During January 2024, the following transactions occur:

January 2	Issue an additional 2,100 shares of $1 par value common stock for $42,000.
January 9	Provide services to customers on account, $19,300.
January 10	Purchase additional supplies on account, $6,600.
January 12	Purchase 1,200 shares of treasury stock for $20 per share.
January 15	Pay cash on accounts payable, $18,200.
January 21	Provide services to customers for cash, $50,800.
January 22	Receive cash on accounts receivable, $18,300.
January 29	Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 17,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.)
January 30	Resell 500 shares of treasury stock for $22 per share.
January 31	Pay cash for salaries during January, $43,700.