Question
In: Accounting
On January 1, 2021, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land,...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2021, the company had the following transactions:
| 1. | February | 15 | Issue additional shares of common stock, $39,000. | |||
| 2. | May | 20 | Provide services to customers for cash, $54,000, and on account, $49,000. | |||
| 3. | August | 31 | Pay salaries to employees for work in 2021, $42,000. | |||
| 4. | October | 1 | Paid for one year's rent in advance, $31,000. | |||
| 5. | November | 17 | Purchase supplies on account, $41,000. | |||
| 6. | December | 30 | Pay dividends, $3,900. |
The following information is available on December 31, 2021:
- Employees are owed an additional $5,900 in salaries.
- Three months of the rental space has expired.
- Supplies of $6,900 remain on hand.
- 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, 2021, in the 'Income Statement' tab.
5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab.
6. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.
7. Record the closing entries in the 'General Journal' tab.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On January 1, 2021, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land,...
On January 1, 2021, Red Flash Photography had the following
balances: Cash, $31,000; Supplies, $9,900; Land, $79,000; Deferred
Revenue, $6,900; Common Stock $69,000; and Retained Earnings,
$44,000. During 2021, the company had the following
transactions:
1.
February
15
Issue additional shares of common stock, $39,000.
2.
May
20
Provide services to customers for cash, $54,000, and on
account, $49,000.
3.
August
31
Pay salaries to employees for work in 2021, $42,000.
4.
October
1
Paid for one year's rent in...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land,...
On January 1, 2021, Red Flash Photography had the following
balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred
Revenue, $5,000; Common Stock $50,000; and Retained Earnings,
$25,000. During 2021, the company had the following
transactions:
1.
February
15
Issue additional shares of common stock, $20,000.
2.
May
20
Provide services to customers for cash, $35,000, and on
account, $30,000.
3.
August
31
Pay salaries to employees for work in 2021, $23,000.
4.
October
1
Purchase rental space for one year,...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $30,000; Supplies, $9,800; Land,...
On January 1, 2021, Red Flash Photography had the following
balances: Cash, $30,000; Supplies, $9,800; Land, $78,000; Deferred
Revenue, $6,800; Common Stock $68,000; and Retained Earnings,
$43,000. During 2021, the company had the following
transactions:
Create income statement and Balance sheet
1.
February
15
Issue additional shares of common stock, $38,000.
2.
May
20
Provide services to customers for cash, $53,000, and on
account, $48,000.
3.
August
31
Pay salaries to employees for work in 2021, $41,000.
4.
October
1...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $23,000; Supplies, $9,100; Land,...
On January 1, 2021, Red Flash Photography had the following
balances: Cash, $23,000; Supplies, $9,100; Land, $71,000; Deferred
Revenue, $6,100; Common Stock $61,000; and Retained Earnings,
$36,000. During 2021, the company had the following transactions:
1. February 15 Issue additional shares of common stock, $31,000. 2.
May 20 Provide services to customers for cash, $46,000, and on
account, $41,000. 3. August 31 Pay salaries to employees for work
in 2021, $34,000. 4. October 1 Paid for one year's rent in...
On January 1, 2018, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land,...
On January 1, 2018, Red Flash Photography had the following
balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred
Revenue, $5,100; Common Stock $51,000; and Retained Earnings,
$26,000. During 2018, the company had the following
transactions:
1.
February
15
Issue additional shares of common stock,
$21,000.
2.
May
20
Provide services to customers for cash, $36,000, and on
account, $31,000.
3.
August
31
Pay salaries to employees for work in 2018, $24,000.
4.
October
1
Purchase rental space for one year,...
On January 1, 2018, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,700; Land,...
On January 1, 2018, Red Flash Photography had the following
balances: Cash, $19,000; Supplies, $8,700; Land, $67,000; Deferred
Revenue, $5,700; Common Stock $57,000; and Retained Earnings,
$32,000. During 2018, the company had the following
transactions:
1.
February
15
Issue additional shares of common stock,
$27,000.
2.
May
20
Provide services to customers for cash, $42,000, and on
account, $37,000.
3.
August
31
Pay salaries to employees for work in 2018, $30,000.
4.
October
1
Purchase rental space for one year,...
On January 1, 2018, Red Flash Photography had the following balances: Cash, $21,000; Supplies, $8,900; Land,...
On January 1, 2018, Red Flash Photography had the following
balances: Cash, $21,000; Supplies, $8,900; Land, $69,000; Deferred
Revenue, $5,900; Common Stock $59,000; Retained Earnings, $34,000.
During 2018, the company had the following transactions: February
15 Issue additional shares of common stock, $29,000. May 20 Provide
services to customers for cash, $44,000, and on account, $39,000.
August 31 Pay salaries to employees for work in 2018, $32,000.
October 1 Purchase rental space for one year, $21,000. November 17
Purchase supplies...
[The following information applies to the questions displayed below.] On January 1, 2021, Red Flash...
[The following information applies to the questions
displayed below.]
On January 1, 2021, Red Flash Photography had the following
balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred
Revenue, $6,300; Common Stock $63,000; and Retained Earnings,
$38,000. During 2021, the company had the following
transactions:
1.
February
15
Issue additional shares of common stock, $33,000.
2.
May
20
Provide services to customers for cash, $48,000, and on
account, $43,000.
3.
August
31
Pay salaries to employees for work in 2021,...
On January 1, 2021, Displays Incorporated had the following account balances: Accounts Debit Credit Cash...
On January 1, 2021,
Displays Incorporated had the following account balances:
Accounts
Debit
Credit
Cash
$
32,000
Accounts
receivable
29,000
Supplies
35,000
Inventory
65,000
Land
237,000
Accounts
payable
$
38,000
Notes payable
(7%, due next year)
30,000
Common
stock
196,000
Retained
earnings
134,000
Totals
$
398,000
$
398,000
From January 1 to December 31, the following summary transactions
occurred:
Purchased inventory on account for $340,000.
Sold inventory on account for $620,000. The cost of the
inventory sold was $320,000....
On January 1, 2021, Displays Incorporated had the following account balances: Accounts Debit Credit Cash...
On January 1, 2021,
Displays Incorporated had the following account balances:
Accounts
Debit
Credit
Cash
$
32,000
Accounts
receivable
29,000
Supplies
35,000
Inventory
65,000
Land
237,000
Accounts
payable
$
38,000
Notes payable
(7%, due next year)
30,000
Common
stock
196,000
Retained
earnings
134,000
Totals
$
398,000
$
398,000
From January 1 to December 31, the following summary transactions
occurred:
Purchased inventory on account for $340,000.
Sold inventory on account for $620,000. The cost of the
inventory sold was $320,000....
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