Question
On January 1, 2024, Red Flash Photography had the following balances: Cash, $15,000; Supplies, $8,300; Land, $63,000; Deferred Revenue, $5,300; Common Stock $53,000; and Retained
On January 1, 2024, Red Flash Photography had the following balances: Cash, $15,000; Supplies, $8,300; Land, $63,000; Deferred Revenue, $5,300; Common Stock $53,000; and Retained Earnings, $28,000. During 2024, the company had the following transactions: February 15 Issue additional shares of common stock, $23,000. May 20 Provide services to customers for cash, $38,000, and on account, $33,000. August 31 Pay salaries to employees for work in 2024, $26,000. October 1 Purchase rental space for one year, $15,000. November 17 Purchase supplies on account, $25,000. December 30 Pay dividends, $2,300. The following information is available on December 31, 2024: Employees are owed an additional $4,300 in salaries. Three months of the rental space have expired. Sup
Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before creditsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started