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helpppp On January 1, 2021. Red Flash Photography had the following balances: Cash, $26,000; Supplies. $9,400; Land, $74,000; Deferred Revenue, $6.400: Common Stock $64.000; and
helpppp
On January 1, 2021. Red Flash Photography had the following balances: Cash, $26,000; Supplies. $9,400; Land, $74,000; Deferred Revenue, $6.400: Common Stock $64.000; and Retained Earnings. $39,000. During 2021, the company had the following transactions 1. February 15 Issue additional shares of common stock, $34,000. 2. May 20 Provide services to customers for cash, $49,000, and on account, 544,000. 3. August 31 Pay salaries to employees for work in 2021, $37,000. 4. October 1 Purchase rental space for one year, $26,600. 5. November 17 Purchase supplies on account, $36,080. 6. December 30 Pay dividends. $3,400. The following information is available on December 31, 2021 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed Record the adjusting entry for rent on December 31. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record the adjusting entry for supplies on December 31. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record the adjusting entry for deferred revenue on December 31. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record the entry to close the revenue accounts. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record the entry to close the expense accounts. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record the entry to close the dividends accounts. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general journal Step by Step Solution
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