Cash Accounts Debit Credit $ 44,000 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals 47,100 8,800 77,000 $10,300 15,900 13,000 93,000 44,700 $176,900 $176,900 During January 2024, 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, $17,900. January 10 Purchase additional supplies on account, $6,200. January 12 Purchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $17,800. January 21 Provide services to customers for cash, $50,400. January 22 Receive cash on accounts receivable, $17,900. 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 13,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $43,300. Exercise 10-20 (Algo) Part 2 a. Unpaid utilities for the month of January are $7,500. b. Supplies at the end of January total $6,400. 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 $11,300. d. Accrued income taxes at the end of January are $2,400. 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.)
Cash Accounts Debit Credit $ 44,000 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals 47,100 8,800 77,000 $10,300 15,900 13,000 93,000 44,700 $176,900 $176,900 During January 2024, 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, $17,900. January 10 Purchase additional supplies on account, $6,200. January 12 Purchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $17,800. January 21 Provide services to customers for cash, $50,400. January 22 Receive cash on accounts receivable, $17,900. 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 13,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $43,300. Exercise 10-20 (Algo) Part 2 a. Unpaid utilities for the month of January are $7,500. b. Supplies at the end of January total $6,400. 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 $11,300. d. Accrued income taxes at the end of January are $2,400. 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Rahul
Transcribed Image Text:Cash
Accounts
Debit
Credit
$ 44,000
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Common Stock, $1 par value
Additional Paid-in Capital
Retained Earnings
Totals
47,100
8,800
77,000
$10,300
15,900
13,000
93,000
44,700
$176,900
$176,900
During January 2024, 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, $17,900.
January 10 Purchase additional supplies on account, $6,200.
January 12 Purchase 1,000 shares of treasury stock for $20 per share.
January 15 Pay cash on accounts payable, $17,800.
January 21 Provide services to customers for cash, $50,400.
January 22 Receive cash on accounts receivable, $17,900.
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 13,000 shares outstanding on January
1, 2024, and dividends are not paid on treasury stock.)
January 30 Resell 600 shares of treasury stock for $22 per share.
January 31 Pay cash for salaries during January, $43,300.
Exercise 10-20 (Algo) Part 2
a. Unpaid utilities for the month of January are $7,500.
b. Supplies at the end of January total $6,400.
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 $11,300.
d. Accrued income taxes at the end of January are $2,400.
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.)
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