FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances:

 

Accounts Debit Credit
Cash  $ 44,400  
Accounts Receivable 47,900  
Supplies 9,200  
Equipment 81,000  
Accumulated Depreciation   $10,700
Accounts Payable   16,300
Common Stock, $1 par value   17,000
Additional Paid-in Capital   97,000
Retained Earnings   41,500
Totals $182,500 $182,500

 

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.

 

6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet
1 2
3
Record the entry to close the revenue accounts.
Note: Enter debits before credits.
Date
January 31,
2024
General Journal
Debit
Credit
7
Record entry
Clear entry
View general journal
expand button
Transcribed Image Text:Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date January 31, 2024 General Journal Debit Credit 7 Record entry Clear entry View general journal
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