On January 1, 2018, Red Flash Photography had the followingbalances: Cash, $21,000; Supplies, $8,900;...

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Accounting

On January 1, 2018, Red Flash Photography had the followingbalances: Cash, $21,000; Supplies, $8,900; Land, $69,000; DeferredRevenue, $5,900; Common Stock $59,000; Retained Earnings, $34,000.During 2018, the company had the following transactions: February15 Issue additional shares of common stock, $29,000. May 20 Provideservices 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 17Purchase supplies on account, $31,000. December 30 Pay dividends,$2,900. The following information is available on December 31,2018: Employees are owed an additional $4,900 in salaries. Threemonths of the rental space has expired. Supplies of $5,900 remainon hand. All of the services associated with the beginning deferredrevenue have been performed.
1. Record the transactions that occurred during the year
2. Record the adjusting entries at the end ofthe year.
3. Prepare an adjusted trial balance.
4. Prepare an income statement, statement ofstockholders’ equity, and classified balance sheet.
5.Prepare closing entries.
(journal entries)

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Red Flash Photography Record the transactions that occurred during the year Date Account Tiles and Explanations Ref No Debit Credit 15Feb Cash 29000 Common Stock 29000 To record the issue of common stock 20May Cash 44000 Accounts Receivable 39000 Service Revenue 83000 To record service revenue 31Aug Salaries Expense 32000 Cash 32000 To record salaries paid 1Oct Prepaid Rent 21000 Cash 21000 To record payment towards rental space for one year 17Nov Supplies 31000 Accounts Payable 31000 To record supplies purchased on account 30Dec Dividends 2900 Cash 2900 To record payment of dividends Adjusting entries at the end of the year Date Account Tiles and Explanations Ref No Debit Credit 31Dec Supplies Expense 34000 Supplies 34000 To record cost See Answer

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In: AccountingOn January 1, 2018, Red Flash Photography had the followingbalances: Cash, $21,000; Supplies, $8,900; Land,...On January 1, 2018, Red Flash Photography had the followingbalances: Cash, $21,000; Supplies, $8,900; Land, $69,000; DeferredRevenue, $5,900; Common Stock $59,000; Retained Earnings, $34,000.During 2018, the company had the following transactions: February15 Issue additional shares of common stock, $29,000. May 20 Provideservices 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 17Purchase supplies on account, $31,000. December 30 Pay dividends,$2,900. The following information is available on December 31,2018: Employees are owed an additional $4,900 in salaries. Threemonths of the rental space has expired. Supplies of $5,900 remainon hand. All of the services associated with the beginning deferredrevenue have been performed.1. Record the transactions that occurred during the year2. Record the adjusting entries at the end ofthe year.3. Prepare an adjusted trial balance.4. Prepare an income statement, statement ofstockholders’ equity, and classified balance sheet.5.Prepare closing entries.(journal entries)