On January 1, 2024, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000. During 2024, the company had the following transactions:

1. February 15			Issue additional shares of common stock, $24,000.
2. May 20			Provide services to customers for cash, $39,000, and on account, $34,000.
3. August 31			Pay salaries to employees for work in 2024, $27,000.
4. October 1			Purchase rental space for one year, $16,000.
5. November 17			Purchase supplies on account, $26,000.
6. December 30			Pay dividends, $2,400.

The following information is available on December 31, 2024:

1. Employees are owed an additional $4,400 in salaries.
2. Three months of the rental space have expired.
3. Supplies of $5,400 remain on hand. All other supplies have been used.
4. All of the services associated with the beginning deferred revenue have been performed.

4. Prepare an income statement, statement of stockholders equity, and classified balance sheet.

Fill in the charts below:

RED FLASH PHOTOGRAPHY
Income Statement
For the Year Ended December 31, 2024
Expenses:
Total Expenses

Prepare a statement of stockholders equity.

RED FLASH PHOTOGRAPHY
Statement of Stockholders' Equity
For the Year Ended December 31, 2024
	Common Stock	Retained Earnings	Total Stockholders' Equity
Balance at January 1
Balance at December 31

Prepare a classified balance sheet.

RED FLASH PHOTOGRAPHY
Balance Sheet
December 31, 2024
Assets		Liabilities
Current assets:		Current liabilities:
Total current assets		Total current liabilities
Long-term assets:
		Stockholder's Equity
		Total stockholders' equity
Total assets		Total liabilities and stockholders' equity

Next,

On January 1, 2024, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000. During 2024, the company had the following transactions:

1. February 15			Issue additional shares of common stock, $24,000.
2. May 20			Provide services to customers for cash, $39,000, and on account, $34,000.
3. August 31			Pay salaries to employees for work in 2024, $27,000.
4. October 1			Purchase rental space for one year, $16,000.
5. November 17			Purchase supplies on account, $26,000.
6. December 30			Pay dividends, $2,400.

The following information is available on December 31, 2024:

1. Employees are owed an additional $4,400 in salaries.
2. Three months of the rental space have expired.
3. Supplies of $5,400 remain on hand. All other supplies have been used.
4. All of the services associated with the beginning deferred revenue have been performed.

Please do the following for full credit:

• Record the entry to close the revenue accounts.
• Record the entry to close the expense accounts.
• Record the entry to close the dividends account.