On January 1, 2021, Red Flash Photography had the following balances: Cash, $32,000: Supplies, $10,000; Land, $80,000; Deferred Revenue, $7,000; Common Stock $70,000; and Retained Earnings, $45,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $40,000. 2. May 20 Provide services to customers for cash, $55,000, and on account, $50,000. 3. August 31 Pay salaries to employees for work in 2021, $43,000. 4. October 1 Purchase rental space for one year, $32,000. 5. November 17 Purchase supplies on account, $42,000. 6. December 30 Pay dividends, $4,000. The following information is available on December 31, 2021; 1. Employees are owed an additional $6,000 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $7,000 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. General General Require... Trial Income Statem... Balance Journal Ledger Balance Statem... of SE Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date Account Title 1 Feb 15 Cash Common Stock Credit Debit 40,000 40,000 2 May 20 Cash Accounts Receivable Service Revenue 55,000 50,000 105,000 73 Aug 31 43,000 Salaries Expense Cash 43,000 4 Oct 01 32,000 Prepaid Rent Cash 32,000 5 Nov 17 42,000 Supplies Accounts Payable 42,000 Dec 30 4,000 Dividends Cash 4,000 7 7 Dec 31 6,000 Salaries Expense Salaries Payable 6,000 8 Dec 31 8,000 Rent Expense Prepaid Rent 8,000 9 Dec 31 Supplies Expense Supplies 45,000 45,000 10 Dec 31 7,000 Deferred Revenue Service Revenue 7,000 11 Dec 31 Service Revenue 112,000 12 Dec 31 49,000 Salaries Expense Rent Expense Supplies Expense 8,000 45,000 13 Dec 31 4,000 Retained Earnings Dividends 4,000 General General Trial Income Statem... Balance Require... Journal Ledger Balance Statem... of SE 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. Show less Post-closi RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 Revenues: 0 Total Revenue Expenses: Total Expenses 0 $ 0 General General Trial Income Statem... Balance Require... Journal Ledger Balance Statem... of SE Sheet 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. Show less Post-closi Dates: Jan 01 to: Dec 31 RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Period Ended December 31, 2021 Total Common Retained Stockholders' Stock Earnings Equity $ 0 0 0 0 $ 0 $ 0 $ 0 General General Trial Income Statem... Balance Require... Journal Ledger Balance Statem... of SE 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. Show less Post-closi Dates: Jan 01 to: Dec 31 RED FLASH PHOTOGRAPHY Balance Sheet As of January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: $ 0 Deferred Revenue $ 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 0 Total Current Assets Long-term Assets: Total Liabilites Stockholder's Equity 0 0 0 0 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets $ 0 $ 0
