2. Record the adjusting entries on January 31, 2024 for the above transactions. (If no entry...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
2. Record the adjusting entries on January 31, 2024 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 January 31 Utilities Expense Debit Credit 6,400 Accounts Payable 6,400 2 January 31 Supplies Expense 7,500 Supplies 7,500 3 January 31 Depreciation Expense 1,550 Accumulated Depreciation 1,550 4 January 31 Income Tax Expense Income Tax Payable 2,200 2,200 a. Unpaid utilities for the month of January are $6,400. b. Supplies at the end of January total $5,300. c. 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 $10,200. d. Accrued income taxes at the end of January are $2,200. 3. Prepare an adjusted trial balance as of January 31, 2024. On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: Cash Accounts Receivable. Accounts Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 42,900 44,900 7,700 66,000 $9.200 14,800 12,000 82,000 43,500 $161,500 $161,500 During January 2024, 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, $14,800. January 10 Purchase additional supplies on account, $5,100. January 12 Purchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $16,700. January 21 Provide services to customers for cash, $49, 300. January 22 Receive cash on accounts receivable, $16,800. 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 12,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $42,200. Accounts Cash Accounts Receivable Supplies Equipment GRAND FINALE FIREWORKS Accumulated Depreciation Accounts Payable Common Stock Additional Paid-in Capital Retained Earnings Adjusted Trial Balance January 31, 2024 Debit Credit $ 42,900x 44,900 7,700 66,000 9,200 14,800 x XX 12,000 82,000 43,500 2. Record the adjusting entries on January 31, 2024 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 January 31 Utilities Expense Debit Credit 6,400 Accounts Payable 6,400 2 January 31 Supplies Expense 7,500 Supplies 7,500 3 January 31 Depreciation Expense 1,550 Accumulated Depreciation 1,550 4 January 31 Income Tax Expense Income Tax Payable 2,200 2,200 a. Unpaid utilities for the month of January are $6,400. b. Supplies at the end of January total $5,300. c. 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 $10,200. d. Accrued income taxes at the end of January are $2,200. 3. Prepare an adjusted trial balance as of January 31, 2024. On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: Cash Accounts Receivable. Accounts Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 42,900 44,900 7,700 66,000 $9.200 14,800 12,000 82,000 43,500 $161,500 $161,500 During January 2024, 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, $14,800. January 10 Purchase additional supplies on account, $5,100. January 12 Purchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $16,700. January 21 Provide services to customers for cash, $49, 300. January 22 Receive cash on accounts receivable, $16,800. 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 12,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $42,200. Accounts Cash Accounts Receivable Supplies Equipment GRAND FINALE FIREWORKS Accumulated Depreciation Accounts Payable Common Stock Additional Paid-in Capital Retained Earnings Adjusted Trial Balance January 31, 2024 Debit Credit $ 42,900x 44,900 7,700 66,000 9,200 14,800 x XX 12,000 82,000 43,500
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
An order book displays the following information for stock ABC: Bid Shares 200 100 300 200 Price 25.76 25.66 25.62 25.54 Ask Price 25.82 25.94 25.98 26.06 Shares 100 200 200 400 What is the total...
-
What is a stock index? What happens to stock indexes when dividends are paid? b. What is a synthetic index? Why is it useful?
-
Utah Enterprises is considering buying a vacant lot that sells for $1.2 million. If the property is purchased, the companys plan is to spend another $5 million today (t =0) to build a hotel on the...
-
Distinguish between direct and indirect environmental impacts of a division. Provide an example to illustrate the difference.Why is the difference important to a site manager?
-
Consider the following abbreviated financial statements for Parrothead Enterprises: a. What is owners equity for 2010 and 2011? b. What is the change in net working capital for 2011? c. In 2011,...
-
Exco plc is planning to separate one of its subsidiaries ('SplitCo'), through a split-off of the entire share capital of SplitCo, amounting to 1 million shares outstanding. The estimated value of...
-
Write an expression to represent the sum of three times the square of a number and 7 In your expression, what is the value of the constant?
-
discuss the application of predictive analytics in supply chain management and logistics, utilizing algorithms such as demand forecasting, inventory optimization, and route optimization to anticipate...
-
The Standard Cost of Actual Consumption is 6 , 0 0 0 and Actual Cost of Actual Consumption if 6 , 6 0 0 where as the standard cost of a product if Rs . 5 , 1 0 0 . Calculate Material Price and Usage...
-
John Holland's work helps us to better understand your career interests by helping us to better understand the characteristic ? of the career/field.
-
Novak Company is considering the purchase of a new machine. The invoice price of the machine is $ 1 3 7 , 0 0 0 , freight charges are estimated to be $ 3 , 4 0 0 , and installation costs are expected...
-
Hillside issues $ 2 , 1 0 0 , 0 0 0 of 5 % , 1 5 - year bonds dated January 1 , 2 0 2 1 , that pay interest semiannually on June 3 0 and December 3 1 . The bonds are issued at a price of $ 1 , 8 1 4...
-
For each of the following activities that may take place during the accounting period, indicate the effect on the statement of cash flows prepared using the indirect method. Choices may be selected...
-
In Exercises find dy/dx by implicit differentiation. xy - y = x
-
Who are the IASB and what is their role within the IFRS Foundation and standardsetting framework?
-
There are several advantages to incorporating your business, but can you list some of the commonly perceived disadvantages?
-
Define the three terms: asset; liability; and equity.
Study smarter with the SolutionInn App