On January 1, 2021, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Defer Revenue, $5,000; Common Stock $50,000; and Retained Earnings, $25,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $20,000. 2. May 20 Provide services to customers for cash, $35,000, and on account, $30,000. Pay salaries to employees for work in 2021, $23,000. 3. August 31 4. October 1 Paid for one year's rent in advance, $12,000. 5. November 17 Purchase supplies on account, $22,000. 6. December 30 Pay dividends, $2,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,000 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,000 remain on hand. 4. 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 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the year ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab. 6. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No jour in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 .... 13 Record the issuance of additional shares of common stock, $20,000. Note: Enter debits before credits. Date Feb 15 Account Title Debit Credit Record entry Clear entry View general journal 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 No. Date Debit Credit Balance No. Date Debit Credit Balance Jan 01 12,000 Jan 01 8,000 Land Deferred Revenue No. Date Jan 01 Debit Credit Balance No. 60,000 Date Jan 01 Debit Credit Balance 5,000 Common Stock Retained Earnings No. Date Debit Jan 01 Credit Balance 50,000 No. Date Jan 01 Debit Credit Balance 25,000 < General Journal Trial Balance > 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 Cash Supplies Land Deferred Revenue Common Stock Retained Earnings Total RED FLASH PHOTOGRAPHY Trial Balance December 30, 2021 Account Title Debit Credit 12,000 8,000 60,000 5,000 50,000 25,000 80,000 $ 80,000 Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing E will appear for each account, based on your selection. Unadjusted Revenues: RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 Total Revenue Expenses: Total Expenses + 0 0 Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Period Ended December 31, 2021 Dates: Jan 01 Common Stock Retained Earnings Total Stockholders' Equity $ 0 0 0 0 $ 0 $ 0 $ 0 to: Dec 30 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. (Enter all account descriptions, even those with zero balances.) Unadjusted RED FLASH PHOTOGRAPHY Balance Sheet As of December 31, 2021 Dates: Jan 01 to: Dec 30 Assets Current Assets: Liabilities Current Liabilities: $ 0 0 $ 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 Total Current Assets Long-term Assets: 0 Total Liabilites 0 Stockholder's Equity 0 0 0 0 Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities & Stockholders' Equity $ 0