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Exercise 10-20 (Algo) Complete the accounting cycle using stockholders' equity transactions (LO10-2, 104,105,108) (GL) On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: During January 2024, 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, $15,600. January 10 Purchase additional supplies on account, $5,400. January 12 Purchase 1,200 shares of treasury stock for $17 per share. January 15 Pay cash on accounts payable, $17,000. January 21 Provide services to customers for cash, $49,600. January 22 Receive cash on accounts receivable, $17,100. 15. (Hint: Grand Finale Fireworks had 15, 000 shares outstanding on January 1, 2024 , and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $42,500. The following information is available on January 31,2024. a. Unpaid utilities for the month of January are $6,700. b. Supplies at the end of January total $5,600. c. 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 $10,500. d. Accrued income taxes at the end of January are $2,500. \begin{tabular}{|c|c|c|c|c|c|} \hline 8 & January 29 & Dividends & 2 & 4,500 & \\ \hline & & Dividends Payable & 2 & & 4,500 \\ \hline \multirow[t]{3}{*}{9} & January 30 & Cash & 2 & 15,200 & \\ \hline & & Treasury Stock & 2 & & 15,200 \\ \hline & & Additional Paid-in Capital & 2 & & \\ \hline \multirow[t]{2}{*}{10} & January 31 & Salaries Expense & 2 & 42,500 & \\ \hline & & Cash & 2 & & 42,500 \\ \hline \multirow[t]{2}{*}{11} & January 31 & Utilities Expense & 2 & 6,700 & \\ \hline & & Utilities Payable & 2 & & 6,700 \\ \hline \multirow[t]{2}{*}{12} & January 31 & Supplies Expense & 2 & 7,300x & \\ \hline & & Supplies & 2 & & 7,300 \\ \hline \multirow[t]{2}{*}{13} & January 31 & Depreciation Expense & 0 & 1,500x & \\ \hline & & Accumulated Depreciation & 2 & & 1,500 \\ \hline \multirow[t]{2}{*}{14} & January 31 & Income Tax Expense & 2 & 2,500 & \\ \hline & & Income Tax Payable & 2 & & 2,500 \\ \hline 15 & January 31 & Service Revenue & 2 & 41,300x & \\ \hline \multirow[t]{2}{*}{16} & January 31 & Service Revenue & x & 4,400 & \\ \hline & & Retained Earnings & x & & 4,400 \\ \hline \multirow[t]{2}{*}{17} & January 31 & Retained Earnings & 2 & 3,300x & \\ \hline & & Dividends & 0 & & 3,300 \\ \hline \end{tabular}

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