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please help On January 1, 2021, Red Flash Photography had the following balances Cash, $26,000; Supplies $9,400; Land, $74,000, Deferred Revenue, $6.400: Common Stock $64.000;
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On January 1, 2021, Red Flash Photography had the following balances Cash, $26,000; Supplies $9,400; Land, $74,000, Deferred Revenue, $6.400: Common Stock $64.000; and Retained Earnings. $39,000. During 2021, the company had the following transactions 1. February 15 Issue additional shares of common stock, $34,000. 2. May 20 Provide services to customers for cash, $49,000, and on account, $44,900. 3. August 31 Pay salaries to employees for work in 2021, $37,600. 4. October 1 Purchase rental space for one year, $26,800. 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. The following information is available on December 31, 2021 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed Record the issuance of additional shares of common stock, $34,000. Note: Enter debits before credits. Date Account Title Debit Credit Feb 15 www Record the entry for services provided to customers for cash, $49,000, and on account, $44,000. Note: Enter debits before credits. Debit Credit Date Account Title May 20 Record the salaries paid to employees for work in 2021, $37,000. Note: Enter debits before credits. Debit Credit Date Account Title Aug 31 Record the purchase of rental space for one year, $26,000. Note: Enter debits before credits. Account Title Debit Credit Date Oct 01 Record the purchase of supplies on account, $36,000. Note: Enter debits before credits Account Title Debit Credit Date Nov 17 + Record the payment of dividends, $3,400. Note: Enter debits before credits. Account Title Debit Credit Date Dec 30 Record the adjusting entry for salaries on December 31. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Step by Step Solution
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