Business, 23.04.2020 22:36, mjwilliams6
On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:
Accounts Debit Credit
Cash $44,500
Accounts Receivable 48,100
Supplies 9,300
Equipment 82,000
Accumulated Depreciation $10,800
Accounts Payable 16,400
Common Stock, $1 par value 18,000
Additional Paid-in Capital 98,000
Retained Earnings 40,700
Totals $183,900 $183,900
During January 2018, the following transactions occur:January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000.January 9 Provide services to customers on account, $19,500.January 10 Purchase additional supplies on account, $6,700.January 12 Repurchase 1,200 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $18,300.January 21 Provide services to customers for cash, $50,900.January 22 Receive cash on accounts receivable, $18,400.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 18,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) January 30 Reissue 600 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $43,800.Required information1. Record each of the transactions listed above.
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On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account bala...
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