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Exercise 3 - 2 0 ( Algo ) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries ( LO 3
Exercise Algo Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries LO
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On January Red Flash Photography had the following balances: Cash, $; Supplies, $; Land, $; Deferred Revenue, $; Common Stock $; and Retained Earnings, $ During the company had the following transactions:
February Issue additional shares of common stock, $
May Provide services to customers for cash, $ and on account, $
August Pay salaries to employees for work in $
October Purchase rental space for one year, $
November Purchase supplies on account, $
December Pay dividends, $
The following information is available on December :
Employees are owed an additional $ in salaries.
Three months of the rental space have expired.
Supplies of $ remain on hand. All other supplies have been used.
All of the services associated with the beginning deferred revenue have been performed.
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