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The following information applies to the questions displayed belowj On January 1, 2015, Red Flash Photography had the following balances: Cash, $28,000; Supplies, $9,600; Land,
The following information applies to the questions displayed belowj On January 1, 2015, Red Flash Photography had the following balances: Cash, $28,000; Supplies, $9,600; Land, $76,000; Unearned Revenue, $6,600; Common Stock $66,000; Retained Earnings, $41,000. During 2015, the Company had the following transactions: 1. Issue additional shares of common stock, $36,000. 2. Provide services to customers for cash, $51,000, and on account, $46,000. 3. Pay salaries to employees for work in 2015, $39,000 4. Purchase rental space for one year, $28,000. 5. Purchase supplies on account, $38,000 6. Pay dividends, $3,600. The following information is available on December 31, 2015: 1. Employees are owed an additional $5,600 in salaries. 2. Three months of the rental space has expired 3. Supplies of $6,600 remain on hand. 4. All of the services associated with the beginning unearned revenue have been performed
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