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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 Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Jan 01 to: Dec 30 RED FLASH PHOTOGRAPHY Balance Sheet As of January 31, 2021 Assets Liabilities Current Assets Current Liabilities $ $ 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 0 Total Liabilites 0 Total Current Assets Long-term Assets Stockholder's Equity 0 0 0 0 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets $ 0 $ 0
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