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HI it says that the answer is not completer I think im missing something on the balance sheet and income statematn. Do not need to
HI it says that the answer is not completer I think im missing something on the balance sheet and income statematn. Do not need to see work just answer thanks
On January 1, 2021, Red Flash Photography had the following balances: Cash. $29.000: Supplies. $9.700: Land, $77,000: Deferred Revenue, $6,700: Common Stock $67.000: and Retained Earnings. $42,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $37,eee. 2. May 20 Provide services to customers for cash, $52,080, and on account, $47,990. 3. August 31 Pay salaries to employees for work in 2021, $40,8ee. 4. October i Paid for one year's rent in advance, $29,eee. 5. November 17 Purchase supplies on account, $39,800. 6. December 30 Pay dividends, $3,7ee. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,700 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,700 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance as of December 31, 2021. 4. Prepare an income statement for the year ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab. 6. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal tab. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select No journal entry reguired in the countfield No Date Account Title Debit Credit 1 Feb 15 37.000 Cash Common Stock OO 37.000 2 May 20 52.000 47.000 Accounts Receivable Service Revenue OOO 99.000 3 Aug 31 40.000 Salaries Expanse Cash olol 40.000 Oct 01 Prepaid Pont 29.000 ol 29.000 5 Nov 17 39.000 Supplies Accounts Payable lolol 39.000 Dec 30 3.700 Dividends Cash lolo 3.700 7 Dec 21 5.700 Salaries Expense Salaries Payable Olo 5.700 B Dec 31 Rort xponse Prepaid Rent ol 7.250 7.250 9 Dec 31 42.000 Supplies Expense Supplies Jool 42.000 10 Dec 31 Deemed Revenue Service Ravenue lolo 6.700 6.700 11 Dec 31 Service Revenue lo 105.700 106.700 12 Dec 31 94 960 7.250 Retained aminos Rent Expense Salaries Expono Supplies Expense 45.700 Ooool OO 42.000 13 Dec 31 3.700 Retained Earrings Dividends 3.700 Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 Revenues Service Revenue 0 0 Total Revenue Expenses Salaries Expense Rent Expense Supplies Expense 0 0 0 0 Total Expenses Net Income ED - C Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Dates: Jan 01 to: Dec 31 RED FLASH PHOTOGRAPHY Balance Sheet As of December 31, 2021 Assets Liabilities S Current Assets Cash Accounts Receivable Supplies Prepaid Rent Current Liabilities: Accounts Payable Salaries Payable 39,000 5,700 45,300 47.000 8,700 21,750 0 0 0 Total Current Liabilities 0 0 120.750 44,700 0 0 44,700 Total Liabilites Total Current Assets Long-term Assets Land Stockholder's Equity 77,000 0 0 Common Stock Retained Earnings 104.000 (58,650) 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity 47,350 92,050 Total Assets 197,750 $Step by Step Solution
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