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Homework answers / question archive / On January 1, 2021, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; and Retained Earnings, $35,000

On January 1, 2021, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; and Retained Earnings, $35,000

Accounting

On January 1, 2021, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; and Retained Earnings, $35,000. During 2021, the company had the following transactions:

 

1. February 15 Issue additional shares of common stock, $30,000.

2. May 20 Provide services to customers for cash, $45,000, and on account, $40,000.

3. August 31 Pay salaries to employees for work in 2021, $33,000.

4. October 1 Purchase rental space for one year, $22,000.

5. November 17 Purchase supplies on account, $32,000.6. December 30 Pay dividends, $3,000.

 

The following information is available on December 31, 2021:

  1. Employees are owed an additional $5,000 in salaries.
  2. Three months of the rental space has expired.
  3. Supplies of $6,000 remain on hand.
  4. All of the services associated with the beginning deferred revenue have been performed.

Record the transactions that occurred during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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