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On January 1, 2021, Red Flash Photography had the following balances: Cash, $23,000; Supplies, $9,100; Land, $71,000; Deferred Revenue, $6,100; Common Stock $61,000; and
On January 1, 2021, Red Flash Photography had the following balances: Cash, $23,000; Supplies, $9,100; Land, $71,000; Deferred Revenue, $6,100; Common Stock $61,000; and Retained Earnings, $36,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $31,000. 2. May 20 Provide services to customers for cash, $46,000, and on account, $41,000. 3. August 31 Pay salaries to employees for work in 2021, $34,000. 4. October 1 Paid for one year's rent in advance, $23,000. 5. November 17 Purchase supplies on account, $33,000. 6. December 30 Pay dividends, $3,100. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,100 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,100 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 Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select' required" in the first account field.) View transaction list Journal entry worksheet < 6 7 8 9 10 11 12 13 > Record the entry to close the revenue accounts. Note: Enter debits before credits. Date Dec 31 Account Title Debit Credit
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