On January 1, 2021, Red Flash Photography had the following balances Cash, $14,000 Supplies, $8,200 Land, $62,000 Deferred Revenue, $5,200 Common Stock $52,000 and Retained Earnings, $27,000 During 2021, the company had the following transactions 1 February 15 Issue additional shares of common stock, $22,000 2 May 20 Provide services to customers for cash, $37,000, and on account, $32,000 3 August 31 Pay salaries to employees for work in 2021, $25,000 4 October 1 Purchase rental space for one year, $14,000 5 November 17 Purchase supplies on account, $24,000 6 December 30 Pay dividends, $2,200 The following information is available on December 31, 2021 Employees are owed an additional $4,200 in salaries Three months of the rental space has expired Supplies of $5,200 remain on hand All of the services associated with the beginning deferred revenue have been performed Questions 1 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 ) 2 Record the adjusting entries at the end of the year (If no entry is required for a particular transaction event, select No Journal Entry Required in the first account field Do not round intermediate calculations ) 3 Prepare an adjusted trial balance 4 Prepare an income statement, statement of stockholders equity, and classified balance sheet 5 Prepare closing entries (If no entry is required for a particular transaction event, select No Journal Entry Required in the first account field )

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Posted on Sep 02, 2024

On January 1, 2021, Red Flash Photography had the following balances: Cash, $14,000; Supplies, $8,200; Land, $62,000; Deferred Revenue, $5,200; Common Stock $52,000; and Retained

On January 1, 2021, Red Flash Photography had the following balances: Cash, $14,000; Supplies, $8,200; Land, $62,000; Deferred Revenue, $5,200; Common Stock $52,000; and Retained Earnings, $27,000. During 2021, the company had the following transactions:

1.	February	15	Issue additional shares of common stock, $22,000.
2.	May	20	Provide services to customers for cash, $37,000, and on account, $32,000.
3.	August	31	Pay salaries to employees for work in 2021, $25,000.
4.	October	1	Purchase rental space for one year, $14,000.
5.	November	17	Purchase supplies on account, $24,000.
6.	December	30	Pay dividends, $2,200.

The following information is available on December 31, 2021:

Employees are owed an additional $4,200 in salaries.
Three months of the rental space has expired.
Supplies of $5,200 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.

Questions:

1. 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.) 2. Record the adjusting entries at the end of the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

3. Prepare an adjusted trial balance. 4. Prepare an income statement, statement of stockholders equity, and classified balance sheet. 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)