On January 1, 2024, Red Flash Photography had the following balances: Cash, \$27,000; Supplies, \$9,500; Land, \$75,000; Deferre Revenue, $6,500; Common Stock $65,000, and Retained Earnings, $40,000. During 2024, the company had the following transactions: 1. Febryary 15 issue additional shares of common stock, $35,000. 2. May 20 Provide services to custobers for cash, $9,600, and on account, $45,000. 3. August 31 Pay salaries to employees for work in 2074,538 , 000 . 4. October 1 Purchase rental space for one year, $27,000. 5. November 13 Purchese supplies on account, $37,000. 6. Decenber 10 Pay dividends, $3,500. The following information is avaltstie on December 31, 2024: 1. Employees are owed an additional $5,500in salarles. 2. Three months of the rental space have expired. 3. Supplies of $6.500 remain on hand. All other suppl les have been used. 4. All of the services associated with the beglrinting deferred feverue have been performed. 1. Pecord each of the tronsactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Thal Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Peview the adjusted 'Trial Balance' as of December 31,20>4 5. Prepare the statement of stocholder's Equty for the your ended December 31, 2024, in the 'Income Statement' tab. transactions: 1. February 15 Issue additional shares of comon stock, $35,060. 2. May 20 Provide services to customers for cash, $50,000, and on account, $45,000, 3. August 31 Pay salaries to employoes for work in 2024, $38,000. 4. October 1 purchase rental space for one year, $27,000. 5. Novenber 17 Purchase supplies on account, $37,000. 6. Decenber 30 Pay dividends, $3,500. The following information is avallable on December 31, 2024: 1. Employees are owed an additional $5,500 in salarles. 2. Three months of the rental space have expired. 3. Supplies of $6,500 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31,2021. 4. Prepare an income statement for the year ended December 31,2024 , in the 'Income Statement' tab. 5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2024, in the 'Income Statement' tab. 6. Prepare a classified balance sheet as of December 31,2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the "General Journal" tab. 1 Record the issuance of additional shares of common stock, $35,000. 2 Record the entry for services provided to customers for cash, $50,000, and on account, $45,000. 3 Record the salaries paid to employees for work in 2024 , $38,000. 4 Record the purchase of reingal space for one year, $27,000. 5 Record the purchase of supplies on account, $37,000. 6 Recond the payment of dividends, $3,500. Note : - journal entry has been entered 31. On December 31 , supplies of $6,500 remain on hand. Record the adjusting entry for supplies on December 31 . 10 On December 31, all of the services associated with the beginning deferred revenue have been performed. Record the adfusting entry for deferred revenue on December 31. 11 Record the entry to close the Svenue accounts. 12 Record the entry to close the expense accounts. 13 Record the entry to close the dividends account. Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account. Journal entry worksheet 1 2 3 4 5 On December 31 , employees are owed an additional $5,500 in salaries. Record the adjusting entry for salaries on December 31 . Note: Enter debits before credits. ch journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will pear for each account, based on your selection. General Ledger Account Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose wili be the values used to populate the income statement and balance sheet tabs. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-elosing bala will appear for each account, based on your selection. 2. Three months of the rental space have expired. 3. Supplies of $6,500 remain on hand, All other supplies have been used. 4. Alt of the services associated with the beginning deferred revenue have been performed. 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. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-dosing balances appear for each account, based on your selection
