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The following information applies to the questions displayed below. On January 1, 2018, Red Flash...

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Accounting

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The following information applies to the questions displayed below. On January 1, 2018, Red Flash Photography had the following balances: Cash, $28,000: Supplies, $9,600 Land, $76,000; Deferred Revenue, $6,600: Common Stock $66,000; Retained Earnings, $41,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $36,000. 2. May 20 Provide services to customers for cash, $51,000, and on account, $46,000 August 31 Pay salaries to employees for work in 2018, $39,000 4. October 1 Purchase rental space for one year, $28,000 5. November 17 Purchase supplies on account, $38,000 6. December 30 Pay dividends, $3.600. The following information is available on December 31, 2018 1. Employees are owed an additional S5,600 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 deferred revenue have been performed

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