Homework Chapter #3 instructions I help Questions 12-16 (of 16) Save & Exit Submit The following information applies to the questions displayed below. On January 1, 2018, Red Flash Photography had the following balances: Cash, $17,000, Supplies, $8,500; Land, $65,000; Deferred Revenue, $5,500, Common Stock $55,000; Retained Earnings, $30,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,000. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2018, $28,000. 4. October 1 Purchase rental space for one year, $17,o00. 5. November 17 Purchase supplies on account, $27,000 6. December 30 Pay dividends, $2,500. The following information is available on December 31, 2018 1 Employees are owed an additional $4,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Required information 15.00 points Required: 1. Record the transactions that occurred during the year. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4. Record the issuance of additional shares of common stock, $25,000. Note: Enter debits before credits. Transaction General Journal DebitCredit Record entry Clear entry View general journal Required informatio 13. 15,00 points 2. Record the adjusting entries at the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for salaries. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required informatic 15.00 points 3. Prepare an adjusted trial balance RED FLASH PHOTOGRAPHY Adjusted Trial Balance December 31, 2018 counts Debit Credit Totals 5.00 points 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2018 Expenses: Total expenses RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2018 mon Stock Retained Earnings Total Stockholders Equity Balance at January 1 Balance at December 31 RED FLASH PHOTOGRAPH Balance Sheet December 31, 2018 Assets Liabilitios Current assets: Current liabilities Total current liabilities Total current assets Long-term assets: Stockholders Equity Total stockholders' equity Total Assets 0 Total Liabilities and Stockholders' Equity References eBook &Resources Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance Financial Statements Learning Objective: 03-05 Prepare financial statements using the adjusted trial balance. Difficulty: 3 Hard Learning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries Learning Objective: 03-06 Demonstrate the prposes and recording of closing entries. 16. 15.00 points Required information 5. Prepare closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts Note: Enter debits before credits Date General Journal Debit Credit 2018 Record entry Clear entry View general journal References eBook& Resources General Journal Learning Objective: 03-04 Post adiustingl
