On January $1,2021,$ the general ledger of Griswold Non$-$Nutritive Cereal Varnish includes the

following account balances:

Accounts Debit Credit

Cash $ $42,800$

Accounts Receivable $44,700$

Supplies $7,600$

Equipment $65,000$

Accumulated Depreciation $ $9,100$

Accounts Payable $14,700$

Common Stock, $$1$ par value $11,000$

Additional Paid$-$in Capital $81,000$

Retained Earnings $44,300$

Totals $ $160,100$ $ $160,100$

During January $2021,$ 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 for $$14,000.$

January $10$: Purchase additional supplies on account for $$5,000.$

January $12$: Repurchase $1,100$ shares of treasury stock for $$19$ per share.

January $15$: Pay cash on accounts payable, $$16,000.$

January $21$: Provide services to customers for cash, $$49,200.$

January $22$: Receive cash on accounts receivable, $$16,700.$

January $29$: Declare a cash dividend of $$0\mathrm{.}40$ per share to all shareholders outstanding on

January $29.$ The dividend is payable February $15.($HINT$!$ Griswalds had $11,000$ shares

outstanding on January $1$ and dividends are not paid on treasury stock$).$

January $30$: Reissue $800$ shares of treasury stock for $$21$ per share.

January $31$: Pay cash for salaries during the month, $$42,100.$

Other information gathered at the end of the month includes:

a$.$ Unpaid utilities for the month of January total $$6,300.$

b$.$ Supplies at the end of the month total $$5,200.$

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 salvage value of $$10,100.$

d$.$ Accrued income taxes at the end of the month are $$2,100.$

REQUIRED:

$1.$ Record each of the transactions that occurred during the month.

$2.$ Record the adjusting entries.

$3.$ Prepare the adjusted trial balance as of January $31,2021.$

$4.$ Prepare a multi$-$step income statement for the period ended January $31,2021.$

$5.$ Record the closing entries for the month.

$6.$ Prepare a classified, post$-$close balance sheet as of January $31,2021.$

$7.$ Calculate the return on equity and earnings per share for the month