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On January 1, 2021, Red Flash Photography had the following balances: Cash, $30,000; Supplies, $9,800; Land, $78,000; Deferred Revenue, $6,800; Common Stock $68,000; and Retained
On January 1, 2021, Red Flash Photography had the following balances: Cash, $30,000; Supplies, $9,800; Land, $78,000; Deferred Revenue, $6,800; Common Stock $68,000; and Retained Earnings, $43,000. During 2021, the company had the following transactions:
Create income statement and Balance sheet
1. February 15 Issue additional shares of common stock, $38,000. 2. May 20 Provide services to customers for cash, $53,000, and on account, $48,000. 3. August 31 Pay salaries to employees for work in 2021, $41,000. 4. October 1 Paid for one year's rent in advance, $30,000. 5. November 17 Purchase supplies on account, $40,000. 6. December 30 Pay dividends, $3,800.
The following information is available on December 31, 2021:
- Employees are owed an additional $5,800 in salaries.
- Three months of the rental space has expired.
- Supplies of $6,800 remain on hand.
- All of the services associated with the beginning deferred revenue have been performed.
1 Feb 15 Cashselected answer correct 38,000selected answer correct not attempted Common Stockselected answer correct not attempted 38,000selected answer correct 2 May 20 Cashselected answer correct 53,000selected answer correct not attempted Accounts Receivableselected answer correct 48,000selected answer correct not attempted Service Revenueselected answer correct not attempted 101,000selected answer correct 3 Aug 31 Salaries Expenseselected answer correct 41,000selected answer correct not attempted Cashselected answer correct not attempted 41,000selected answer correct 4 Oct 01 Prepaid Rentselected answer correct 30,000selected answer correct not attempted Cashselected answer correct not attempted 30,000selected answer correct 5 Nov 17 Supplies selected answer correct 40,000selected answer correct not attempted Accounts Payable selected answer correct not attempted 40,000selected answer correct 6 Dec 30 Dividends selected answer correct 3,800selected answer correct not attempted Cash selected answer correct not attempted 3,800selected answer correct 7 Dec 31 Salaries Expense selected answer correct 5,800selected answer correct not attempted Salaries Payable selected answer correct not attempted 5,800selected answer correct 8 Dec 31 Rent Expense selected answer correct 7,500selected answer correct not attempted Prepaid Rent selected answer correct not attempted 7,500selected answer correct 9 Dec 31 Supplies Expense selected answer correct 43,000selected answer correct not attempted Supplies selected answer correct not attempted 43,000selected answer correct 10 Dec 31 Deferred Revenue selected answer correct 6,800selected answer correct not attempted Service Revenue selected answer correct not attempted 6,800 selected answer correct 11 Dec 31 Service Revenue selected answer correct not attempted not attempted Retained Earnings selected answer correct not attempted not attempted 12 Dec 31 Retained Earnings selected answer correct 97,300selected answer correct not attempted Salaries Expense selected answer correct not attempted 46,800selected answer correct Rent Expense selected answer correct not attempted 7,500selected answer correct Supplies Expense selected answer correct not attempted 43,000selected answer correct 13 Dec 31 Retained Earnings selected answer correct 3,800selected answer correct not attempted Dividends selected answer correct not attempted 3,800
On January 1, 2021, Red Flash Photography had the following balances: Cash, $30,000; Supplies, $9,800; Land, $78,000; Deferred Revenue, $6,800; Common Stock $68,000; and Retained Earnings, $43,000. During 2021, the company had the following transactions:
Create income statement and Balance sheet
1. | February | 15 | Issue additional shares of common stock, $38,000. | |||
2. | May | 20 | Provide services to customers for cash, $53,000, and on account, $48,000. | |||
3. | August | 31 | Pay salaries to employees for work in 2021, $41,000. | |||
4. | October | 1 | Paid for one year's rent in advance, $30,000. | |||
5. | November | 17 | Purchase supplies on account, $40,000. | |||
6. | December | 30 | Pay dividends, $3,800. |
The following information is available on December 31, 2021:
- Employees are owed an additional $5,800 in salaries.
- Three months of the rental space has expired.
- Supplies of $6,800 remain on hand.
- All of the services associated with the beginning deferred revenue have been performed.
1 | Feb 15 | Cashselected answer correct | 38,000selected answer correct | not attempted |
Common Stockselected answer correct | not attempted | 38,000selected answer correct | ||
2 | May 20 | Cashselected answer correct | 53,000selected answer correct | not attempted |
Accounts Receivableselected answer correct | 48,000selected answer correct | not attempted | ||
Service Revenueselected answer correct | not attempted | 101,000selected answer correct | ||
3 | Aug 31 | Salaries Expenseselected answer correct | 41,000selected answer correct | not attempted |
Cashselected answer correct | not attempted | 41,000selected answer correct | ||
4 | Oct 01 | Prepaid Rentselected answer correct | 30,000selected answer correct | not attempted |
Cashselected answer correct | not attempted | 30,000selected answer correct | ||
5 | Nov 17 | Supplies selected answer correct | 40,000selected answer correct | not attempted |
Accounts Payable selected answer correct | not attempted | 40,000selected answer correct | ||
6 | Dec 30 | Dividends selected answer correct | 3,800selected answer correct | not attempted |
Cash selected answer correct | not attempted | 3,800selected answer correct | ||
7 | Dec 31 | Salaries Expense selected answer correct | 5,800selected answer correct | not attempted |
Salaries Payable selected answer correct | not attempted | 5,800selected answer correct | ||
8 | Dec 31 | Rent Expense selected answer correct | 7,500selected answer correct | not attempted |
Prepaid Rent selected answer correct | not attempted | 7,500selected answer correct | ||
9 | Dec 31 | Supplies Expense selected answer correct | 43,000selected answer correct | not attempted |
Supplies selected answer correct | not attempted | 43,000selected answer correct | ||
10 | Dec 31 | Deferred Revenue selected answer correct | 6,800selected answer correct | not attempted |
Service Revenue selected answer correct | not attempted | 6,800 selected answer correct | ||
11 | Dec 31 | Service Revenue selected answer correct | not attempted | not attempted |
Retained Earnings selected answer correct | not attempted | not attempted | ||
12 | Dec 31 | Retained Earnings selected answer correct | 97,300selected answer correct | not attempted |
Salaries Expense selected answer correct | not attempted | 46,800selected answer correct | ||
Rent Expense selected answer correct | not attempted | 7,500selected answer correct | ||
Supplies Expense selected answer correct | not attempted | 43,000selected answer correct | ||
13 | Dec 31 | Retained Earnings selected answer correct | 3,800selected answer correct | not attempted |
Dividends selected answer correct | not attempted | 3,800 |
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