Business, 13.02.2020 03:27, angeljaylyn123
On January 1, 2021, 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 2021, 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 2021, $30,000. 4. October 1 Purchase rental space for one year, $19,000. 5. November 17 Purchase supplies on account, $29,000. 6. December 30 Pay dividends, $2,700. The following information is available on December 31, 2021: Employees are owed an additional $4,700 in salaries. Three months of the rental space has expired. Supplies of $5,700 remain on hand. All of the services associated with the beginning deferred revenue have been performed.
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On January 1, 2021, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,70...
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