Exercise 10-17 Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 10-8) [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 42,700 44,500 7,500 64,000 $ 9,000 14,600 10,000 80,000 45, 100 $ 158,700 $158,700 During January 2021, the following transactions occur: 9 January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January vide rvices to customers on account, $14,300. January 10 Purchase additional supplies on account, $4,900. January 12 Purchase 1,000 shares of treasury stock for $18 per share. January 15 Pay cash on accounts payable, $16,500. January 21 Provide services to customers for cash, $49,100. January 22 Receive cash on accounts receivable, $16,600. 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 10,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $20 per share. January 31 Pay cash for salaries during January, $42,000. 3. Prepare an adjusted trial balance as of January 31, 2021. GRAND FINALE FIREWORKS Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Cash $ Accounts Receivable 83,900 42,200 5,100 64,000 10,500 7,000 X 3,300 2,000 Supplies Equipment Accumulated Depreciation Accounts Payable Dividends Payable Income Tax Payable Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Dividends Service Revenue Salaries Expense Utilities Expense Supplies Expense Depreciation Expense Income Tax Expense 12,000 119,200 45,100 7,200 3,300 63,400 42,000 6,200 5,100 1,500 2,000 Totals $ 262,500 $ 262,500 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted