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On January 1, 2021, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; and Retained

On January 1, 2021, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; and Retained Earnings, $35,000. During 2021, the company had the following transactions:

1.February15Issue additional shares of common stock, $30,000.

2.May20Provide services to customers for cash, $45,000, and on account, $40,000.

3.August31Pay salaries to employees for work in 2021, $33,000.

4.October1Purchase rental space for one year, $22,000.

5.November17Purchase supplies on account, $32,000.6.December30Pay dividends, $3,000.

The following information is available on December 31, 2021:

  1. Employees are owed an additional $5,000 in salaries.
  2. Three months of the rental space has expired.
  3. Supplies of $6,000 remain on hand.
  4. All of the services associated with the beginning deferred revenue have been performed.

Record the transactions that occurred during the year.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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Journal entry worksheet Record the issuance of additional shares of common stock, $30,000. Note: Enter debits before credits. Journal entry worksheet Record the entry for services provided to customers for cash, $45,000, and on account, $40,000. Note: Enter debits before credits. Journal entry worksheet Record the salaries paid to employees for work in 2021, $33,000. Note: Enter debits before credits. Journal entry worksheet Record the purchase of rental space for one year, $22,000. Note: Enter debits before credits. Journal entry worksheet Record the purchase of supplies on account, $32,000. Note: Enter debits before credits. -- Journal entry worksheet Record the payment of dividends, $3,000. Note: Enter debits before credits

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