Business, 27.03.2020 02:25 pamisueparke

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, $12,000.
5. November 17 Purchase supplies on account, $22,000.
6. December 30 Pay dividends, $2,000.

The following information is available on December 31, 2021:

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

Required:
Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answers: 2

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On January 1, 2021, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,00...

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