Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 1, 2021, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained
On January 1, 2021, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained Earnings, $26,000. During 2021, the company had the following transactions:
1. | February | 15 | Issue additional shares of common stock, $21,000. | |||
2. | May | 20 | Provide services to customers for cash, $36,000, and on account, $31,000. | |||
3. | August | 31 | Pay salaries to employees for work in 2021, $24,000. | |||
4. | October | 1 | Purchase rental space for one year, $13,000. | |||
5. | November | 17 | Purchase supplies on account, $23,000. | |||
6. | December | 30 | Pay dividends, $2,100. |
The following information is available on December 31, 2021:
- Employees are owed an additional $4,100 in salaries.
- Three months of the rental space has expired.
- Supplies of $5,100 remain on hand.
- All of the services associated with the beginning deferred revenue have been performed.
Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Jan 01 to: Dec 30 General Ledger Account Cash Supplies Debit No. Debit Credit No. Credit Date Jan 01 Balance 13,000 Date Jan 01 Balance 8,100 Land Deferred Revenue No. Debit Credit No. Debit Credit Date Jan 01 Balance 61,000 Date Jan 01 Balance 5,100 Common Stock Retained Earnings Debit Credit No. Debit Credit No. Date Jan 01 Balance 51,000 Date Jan 01 Balance 26,000 Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted RED FLASH PHOTOGRAPHY Trial Balance December 30, 2021 Account Title Debit Credit Cash $ 13,000 Supplies 8,100 Land 61,000 Deferred Revenue 5,100 Common Stock 51,000 Retained Earnings 26,000 Total 82,100 $ 82,100 ttt $ 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. Unadjusted RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 Revenues Total Revenue 0 Expenses 0 Total Expenses Net Income $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started