Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date January 31, 2024 General Journal Debit Credit 7 Record entry Clear entry View general journal
Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date January 31, 2024 General Journal Debit Credit 7 Record entry Clear entry View general journal
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

Transcribed Image Text:Journal entry worksheet
1 2
3
Record the entry to close the revenue accounts.
Note: Enter debits before credits.
Date
January 31,
2024
General Journal
Debit
Credit
7
Record entry
Clear entry
View general journal
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