Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

making a closing entire journal for accounting [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the

making a closing entire journal for accounting
image text in transcribed
[The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,700; Land, $67,000; Deferred Revenue, $5,700; Common Stock $57,000; and Retained Earnings, $32,000. During 2024, the company had the following transactions: 1. February 2. May 20 3. August 31 4. October 1 5. November 17 6. Decenber 30 Issue additional shares of common stock, $27,000. Provide services to customers for cash, $42,000, and on account, $37,000. Pay salaries to employees for work in 2024,$30,000. purchase rental space for one year, $19,000. purchase supplies on account, $29,000. pay dividends, $2,700. The following information is available on December 31,2024 : 1. Employees are owed an additional $4,700 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,700 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first count field.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions