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I just need help filling out the Statement of stockholders equity, balance sheet, and journal entry worksheet. Exercise 3-20 Record transactions and prepare adjusting entries,
I just need help filling out the Statement of stockholders equity, balance sheet, and journal entry worksheet.
Exercise 3-20 Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) The following informatlon 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 Eamings, $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 ycar, $17,000. 5, November 17 Purchase supplies on account, $27000. 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. RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2018 Total Retained Stock Earnings Common Stockholders Equity 80,000 $ 30,000 $110,000 Balance at January 1 Add: Net income 13,750 13,750 Balance at December 31 RED FLASH PHOTOGRAPHY Balance Sheet December 31, 2018 Assets Liabilities Current assets Current liabilities Total current liabilities 0 Total current assets Long-term assets Stockholders' Equity Total stockholders' equity 0 Total Liabilities and Stockholders' Equity$ 0 Total Assets Exercise 3-20 Part 5 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. Debit Credit Date General Journal December31,Service revenue 2018 Record entry Clear entry View general journal References eBook &Resources Exercise 3-20 Part 5 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 expense accounts. Note: Enter debits before credits. Debit Credit Date General Journal December 31 2018 Record entry Clear entry View general journal References eBook &Resources Exercise 3-20 Part 5 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 dividends account. Note: Enter debits before credits. Debit Credit Date General Journal December 31 2018 Record entry Clear entry View general journal References eBook &ResourcesStep by Step Solution
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