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please help ASAP! :) Required information [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following
please help ASAP! :)
Required information [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances; Cash, $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, \$6,000; Common Stock $60,000; and Retained Earnings, $35,000. During 2024, the company had the following transactions: 1. Tebruary 15 Issue additional shares of conson stock, $30,000. 2. May 20 Provide nervices to customern for cank, $45,000, and on account, $40,000. 3. August 31 Pay salaries to employees for work in 2024, $33,000. 4. October 1 Purchase rental space for one year, $22,000. 5. Novenber 17 Purchase supplies on aceount, $32,000. 6. becember 30 pay dividends, $3,000. The following information is avaliable on December 31, 2024: 1. Empioyees are owed an additional $5,000 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,000 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Jou account field.) Journal entry worksheet Record the entry to close the revenue accounts. 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 Step by Step Solution
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