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Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) On January 1,

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Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) On January 1, 2021, Red Flash Photography had the following balances: Cash, $13.000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100: Common Stock $51,000; and Retained Earnings, $26,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $21,800. 2. May 2e Provide services to customers for cash, $36, eae, and on account, $31,800. 3. August 31 Pay salaries to employees for work in 2021, $24,000. 4. October 1 Purchase rental space for one year, $13,000 5. November 17 Purchase supplies on account, $23,000. 6. December 30 Pay dividends, $2,100. The following Information is available on December 31, 2021 1. Employees are owed an additional $4.100 in salaries 2. Three months of the rental space has expired. 3. Supplies of $5100 remain on hand 4. All of the services associated with the beginning deferred revenue have been performed Record the adjusting entry for supplies on December 31. Note: Enter debits before credits Date Account Title Credit Dec 31 Supplies Expense Supplies Debit 31,100 31,000 Record entry Clear entry View general journal Check Record the entry to close the revenue accounts. Note: Enter debits before credits. Date Account Title Credit Debit 72,100 Dec 31 Service Revenue 72,100 Record entry Clear entry View general journal Check Journal entry worksheet 6 7 8 10 11 12 13 ..... > Record the entry to close the expense accounts. Note: Enter debits before credits. Date Account Title Credit Debit 49,250 Dec 31 Accounts Payable Salaries Expense Rent Expense Supplies Expense 28,100 3,250 17,900 Record entry Clear entry View general journal You skipped this question in the previous attempt. Balance Sheet As of January 31, 2021 Assets Liabilities Current Assets: 0 Cash Accounts Receivable Supplies Prepaid Rent 30,900 31,000 100 9,750 0 Current Liabilities: Deferred Revenue Accounts Payable Salaries Payable 23,000 4,100 0 27.100 Total Current Liabilities 0 0 0 0 71,750 27.100 Total Current Assets Long-term Assets Total Liabilites Stockholder's Equity Common Stock Retained Earnings 0 0 0 72,000 (38,550) 0 71,750 Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets $ 33,450 60,550 $

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