On January 1, 2024, Red Flash Photography had the following balances: Cash, $24,000; Supplies, $9,200; Land, $72,000; Deferred Revenue, $6,200; Common Stock $62,000; and Retained Earnings, $37,000. During 2024, the company had the following transactions: Issue additional shares of common stock, $32,000. Provide services to customers for cash, $47,000, and on account, $42,000. Pay salaries to employees for work in 2024, $35,000. 1. February 15 2. May 20 3. August 31 4. October 1 5. November 17 6. December 30 Purchase rental space for one year, $24,000. Purchase supplies on account, $34,000. Pay dividends, $3,200. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,200 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,200 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed.
On January 1, 2024, Red Flash Photography had the following balances: Cash, $24,000; Supplies, $9,200; Land, $72,000; Deferred Revenue, $6,200; Common Stock $62,000; and Retained Earnings, $37,000. During 2024, the company had the following transactions: Issue additional shares of common stock, $32,000. Provide services to customers for cash, $47,000, and on account, $42,000. Pay salaries to employees for work in 2024, $35,000. 1. February 15 2. May 20 3. August 31 4. October 1 5. November 17 6. December 30 Purchase rental space for one year, $24,000. Purchase supplies on account, $34,000. Pay dividends, $3,200. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,200 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,200 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A-2
![Required information
Exercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trial
balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below.]
On January 1, 2024, Red Flash Photography had the following balances: Cash, $24,000; Supplies, $9,200;
Land, $72,000; Deferred Revenue, $6,200; Common Stock $62,000; and Retained Earnings, $37,000.
During 2024, the company had the following transactions:
Issue additional shares of common stock, $32,000.
Provide services to customers for cash, $47,000, and on account, $42,000.
Pay salaries to employees for work in 2024, $35,000.
Purchase rental space for one year, $24,000.
5. November 17
6. December 30
Purchase supplies on account, $34,000.
Pay dividends, $3,200.
The following information is available on December 31, 2024:
1. Employees are owed an additional $5,200 in salaries.
2. Three months of the rental space have expired.
1. February 15
2. May 20
3. August 31
4. October 1
3. Supplies of $6,200 remain on hand. All other supplies have been used.
4. All of the services associated with the beginning deferred revenue have been performed.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F432126f5-c0ee-4b45-b65f-fbf8817dd920%2Ff1fc049c-6b10-4fb8-9df5-0aa68d9f579a%2Fbp5mga6h_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trial
balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below.]
On January 1, 2024, Red Flash Photography had the following balances: Cash, $24,000; Supplies, $9,200;
Land, $72,000; Deferred Revenue, $6,200; Common Stock $62,000; and Retained Earnings, $37,000.
During 2024, the company had the following transactions:
Issue additional shares of common stock, $32,000.
Provide services to customers for cash, $47,000, and on account, $42,000.
Pay salaries to employees for work in 2024, $35,000.
Purchase rental space for one year, $24,000.
5. November 17
6. December 30
Purchase supplies on account, $34,000.
Pay dividends, $3,200.
The following information is available on December 31, 2024:
1. Employees are owed an additional $5,200 in salaries.
2. Three months of the rental space have expired.
1. February 15
2. May 20
3. August 31
4. October 1
3. Supplies of $6,200 remain on hand. All other supplies have been used.
4. All of the services associated with the beginning deferred revenue have been performed.
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- Record the entry to close the revenue accounts.
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