Record the declaration of 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, 2018 and dividends are not paid on treasury stock.) Note: Enter debits before credits. Date Jan 29 Dividends Dividends Payable Account Title Debit Credit On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Cash Accounts 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: 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, $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. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $6,200. b. Supplies at the end of January total $5,100. 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 $10,000. d. Accrued income taxes at the end of January are $2,000.
Record the declaration of 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, 2018 and dividends are not paid on treasury stock.) Note: Enter debits before credits. Date Jan 29 Dividends Dividends Payable Account Title Debit Credit On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Cash Accounts 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: 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, $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. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $6,200. b. Supplies at the end of January total $5,100. 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 $10,000. d. Accrued income taxes at the end of January are $2,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Record the declaration of 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, 2018 and
dividends are not paid on treasury stock.)
Note: Enter debits before credits.
Date
Jan 29
Dividends
Dividends Payable
Account Title
Debit
Credit
Transcribed Image Text:On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:
Cash
Accounts
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:
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, $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.
The following information is available on January 31, 2021.
a. Unpaid utilities for the month of January are $6,200.
b. Supplies at the end of January total $5,100.
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 $10,000.
d. Accrued income taxes at the end of January are $2,000.
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