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On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:
| Accounts | Debit | Credit |
| Cash | $ | 44,600 | | | | |
| Accounts Receivable | | 48,300 | | | | |
| Supplies | | 9,400 | | | | |
| Equipment | | 83,000 | | | | |
| Accumulated Depreciation | | | | $ | 10,900 | |
| Accounts Payable | | | | | 16,500 | |
| Common Stock, $1 par value | | | | | 19,000 | |
| Additional Paid-in Capital | | | | | 99,000 | |
| Retained Earnings | | | | | 39,900 | |
| | | | | | | |
| Totals | $ | 185,300 | | $ | 185,300 | |
| | | | | | | |
| |
| During January 2018, the following transactions occur: |
| January 2 | Issue an additional 2,200 shares of $1 par value common stock for $44,000. |
| January 9 | Provide services to customers on account, $19,700. |
| January 10 | Purchase additional supplies on account, $6,800. |
| January 12 | Repurchase 1,000 shares of treasury stock for $22 per share. |
| January 15 | Pay cash on accounts payable, $18,400. |
| January 21 | Provide services to customers for cash, $51,000. |
| January 22 | Receive cash on accounts receivable, $18,500. |
| 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 19,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) |
| January 30 | Reissue 700 shares of treasury stock for $24 per share. |
| January 31 | Pay cash for salaries during January, $43,900. |
The following information is available on January 31, 2018.
Unpaid utilities for the month of January are $8,100.
Supplies at the end of January total $7,000.
Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was p
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