Question

On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:

Accounts	Debit			Credit
Cash	$	43,500
Accounts Receivable		46,100
Supplies		8,300
Equipment		72,000
Accumulated Depreciation				$	9,800
Accounts Payable					15,400
Common Stock, $1 par value					18,000
Additional Paid-in Capital					88,000
Retained Earnings					38,700
Totals	$	169,900		$	169,900

During January 2018, 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, $16,800.
January 10	Purchase additional supplies on account, $5,700.
January 12	Repurchase 1,100 shares of treasury stock for $21 per share.
January 15	Pay cash on accounts payable, $17,300.
January 21	Provide services to customers for cash, $49,900.
January 22	Receive cash on accounts receivable, $17,400.
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 18,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.)
January 30	Reissue 900 shares of treasury stock for $23 per share.
January 31	Pay cash for salaries during January, $42,800.

The following information is available on January 31, 2018.

Unpaid utilities for the month of January are $7,000.

Supplies at the end of January total $5,900.

Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $10,800.

Accrued income taxes at the end of January are $2,800.

I need help preparing the closing statements for revenue, closing statement for expenses and closing statement for dividends

Answer 1