6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) > Answer is not complete. General Journal Debit Credit 70,100 70,100 No Date 1 January 31, 2024 Service Revenue Income Tax Expense 2 January 31, 2024 Income Tax Expense Salaries Expense > > 43,700 x 43,700 3 January 31, 2024 Income Tax Expense 26,400 × Retained Earnings ☑ 26,400 x
6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) > Answer is not complete. General Journal Debit Credit 70,100 70,100 No Date 1 January 31, 2024 Service Revenue Income Tax Expense 2 January 31, 2024 Income Tax Expense Salaries Expense > > 43,700 x 43,700 3 January 31, 2024 Income Tax Expense 26,400 × Retained Earnings ☑ 26,400 x
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances:
Accounts | Debit | Credit |
---|---|---|
Cash | $ 44,400 | |
47,900 | ||
Supplies | 9,200 | |
Equipment | 81,000 | |
$10,700 | ||
Accounts Payable | 16,300 | |
Common Stock, $1 par value | 17,000 | |
Additional Paid-in Capital | 97,000 | |
41,500 | ||
Totals | $182,500 | $182,500 |
During January 2024, the following transactions occur:
January 2 | Issue an additional 2,100 shares of $1 par value common stock for $42,000. |
---|---|
January 9 | Provide services to customers on account, $19,300. |
January 10 | Purchase additional supplies on account, $6,600. |
January 12 | Purchase 1,200 shares of |
January 15 | Pay cash on accounts payable, $18,200. |
January 21 | Provide services to customers for cash, $50,800. |
January 22 | Receive cash on accounts receivable, $18,300. |
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 17,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) |
January 30 | Resell 500 shares of treasury stock for $22 per share. |
January 31 | Pay cash for salaries during January, $43,700. |
6. Record closing entries. (If no entry is required for a transaction/event, select "No
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education