Required information [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2024, the company had the following transactions: 1. February 15 2. May 20 Issue additional shares of common stock, $39,000. Provide services to customers for cash, $54,000, and on account, $49,000. Pay salaries to employees for work in 2024, $42,000. 3. August 31 4. October 1 5. November 17 6. December 30 Purchase rental space for one year, $31,000. Purchase supplies on account, $41,000. Pay dividends, $3,900. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,900 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,900 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the firs account field.)
Required information [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2024, the company had the following transactions: 1. February 15 2. May 20 Issue additional shares of common stock, $39,000. Provide services to customers for cash, $54,000, and on account, $49,000. Pay salaries to employees for work in 2024, $42,000. 3. August 31 4. October 1 5. November 17 6. December 30 Purchase rental space for one year, $31,000. Purchase supplies on account, $41,000. Pay dividends, $3,900. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,900 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,900 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the firs account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below.)
On January 1, 2024, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land, $79,000;
Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2024, the company had the
following transactions:
Issue additional shares of common stock, $39,000.
1. February 15
2. May 201
Provide services to customers for cash, $54,000, and on account, $49,000.
Pay salaries to employees for work in 2024, $42,000.
Purchase rental space for one year, $31,000.
5. November 17 Purchase supplies on account, $41,000.
6. December 30 Pay dividends, $3,900.
3. August 31
4. October 1
The following information is available on December 31, 2024:
1. Employees are owed an additional $5,900 in salaries.
2. Three months of the rental space have expired.
3. Supplies of $6,900 remain on hand. All other supplies have been used.
4. All of the services associated with the beginning deferred revenue have been performed.
5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)
View transaction list
Journal entry worksheet
1
2
3
Transcribed Image Text:of 5
ook
int
5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)
View transaction list
Journal entry worksheet
1
2
Record the entry to close the revenue accounts.
3
Note: Enter debits before credits.
Date
December 31, 2024
Record entry
General Journali
Clear entry
< Prev
Debit
Credit
View general journal
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