Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2021. Red Flash Photography had the following balances: Cash, $28,000; Supplies, $9,600; Land, $76,000; Deferred Revenue, $6,600; Common Stock $66,000; and Retained

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On January 1, 2021. Red Flash Photography had the following balances: Cash, $28,000; Supplies, $9,600; Land, $76,000; Deferred Revenue, \$6,600; Common Stock $66,000; and Retained Earnings, $41,000. During 2021, the company had the following transactions: 1. February 15 Issve additional shares of connon stock, $36,000, 2. May 20 Provide services to customers for cash, \$51, 000, and on account, 846,000. 3. August 31 Pay salarles to enployees for werk in 2021,$39,000. 4. October 1 paid for one year's rent in advance, $28,000. 5. Novenber 17 Purchase supplies on account, \$33,000. 6. Deceeber 30 Pay dividends, $3, 6ee. The following information is avallable on December 31, 2021: 1. Employees are owed an additional $5,600 in salaties. 2. Three months of the rental space has expired. 3. Supplies of $6,600 remain on hand. 4. All of the services assoclated with the beginning deferred revenue have been performed. 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. 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. Post-closing Dates: Jan 01 to: Dec 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Top Accounting And Auditing Issues For 2021 CPE Course

Authors: CCH Tax Law Editors

1st Edition

0808055348, 978-0808055341

More Books

Students also viewed these Accounting questions

Question

What is the difference between a culture and a subculture? LOI

Answered: 1 week ago

Question

What would you do if the bullies and victim were girls?

Answered: 1 week ago