Financial Accounting
4th Edition
ISBN: 9781259307959
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 3, Problem 3.20E
On January 1, 2018, 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
1. February 15 Issue additional shares of common stock, S20,000.
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 2018, $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, 2018:
1. Employees are owed an additional $4,000 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $5,000 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.
Required:
1. Record the transactions that occurred during the year.
2. Record the
3. Prepare an adjusted
4. Prepare an income statement, statement of stockholders’ equity, and classified
5. Prepare closing entries.
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On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions:
1.
February
15
Issue additional shares of common stock, $33,000.
2.
May
20
Provide services to customers for cash, $48,000, and on account, $43,000.
3.
August
31
Pay salaries to employees for work in 2021, $36,000.
4.
October
1
Purchase rental space for one year, $25,000.
5.
November
17
Purchase supplies on account, $35,000.
6.
December
30
Pay dividends, $3,300.
The following information is available on December 31, 2021:
Employees are owed an additional $5,300 in salaries.
Three months of the rental space has expired.
Supplies of $6,300 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.
part 1.please do the journal entry…
On January 1, 2021, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2021, the company had the following transactions:
1.
February
15
Issue additional shares of common stock, $37,000.
2.
May
20
Provide services to customers for cash, $52,000, and on account, $47,000.
3.
August
31
Pay salaries to employees for work in 2021, $40,000.
4.
October
1
Purchase rental space for one year, $29,000.
5.
November
17
Purchase supplies on account, $39,000.
6.
December
30
Pay dividends, $3,700.
The following information is available on December 31, 2021:
Employees are owed an additional $5,700 in salaries.
Three months of the rental space has expired.
Supplies of $6,700 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.
Record the adjusting entry for supplies…
On January 1, 2021, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2021, the company had the following transactions:
1.
February
15
Issue additional shares of common stock, $37,000.
2.
May
20
Provide services to customers for cash, $52,000, and on account, $47,000.
3.
August
31
Pay salaries to employees for work in 2021, $40,000.
4.
October
1
Purchase rental space for one year, $29,000.
5.
November
17
Purchase supplies on account, $39,000.
6.
December
30
Pay dividends, $3,700.
The following information is available on December 31, 2021:
Employees are owed an additional $5,700 in salaries.
Three months of the rental space has expired.
Supplies of $6,700 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.
3. Prepare an adjusted trial…
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1RQCh. 3 - 2.Discuss the major principle that describes...Ch. 3 - 3.Samantha is a first-year accounting student. She...Ch. 3 - 4.Describe when revenues and expenses are...Ch. 3 - Rip Side of Question 7 5.Executive Lawn provides...Ch. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Consider the information in Question 7. Using...Ch. 3 - Prob. 9RQCh. 3 - There are two basic types of adjusting...
Ch. 3 - 11.Provide an example of a prepaid expense. The...Ch. 3 - Provide an example of a deferred revenue. The...Ch. 3 - 13.Provide an example of an accrued expense. The...Ch. 3 - Provide an example of an accrued revenue. The...Ch. 3 - Sequoya Printing purchases office supplies for 75...Ch. 3 - Jackson Rental receives its September utility bill...Ch. 3 - 17.Global Printing publishes several types of...Ch. 3 - At the end of May, Robertson Corporation has...Ch. 3 - Fill in the blank associated with each adjusting...Ch. 3 - Prob. 20RQCh. 3 - Prob. 21RQCh. 3 - Prob. 22RQCh. 3 - Prob. 23RQCh. 3 - Prob. 24RQCh. 3 - Describe the debits and credits for the three...Ch. 3 - In its first four years of operations, Chance...Ch. 3 - Prob. 27RQCh. 3 - Prob. 28RQCh. 3 - Determine revenues to be recognized (LO31) Below...Ch. 3 - Prob. 3.2BECh. 3 - Prob. 3.3BECh. 3 - Analyze the impact of transactions on the balance...Ch. 3 - Prob. 3.5BECh. 3 - At the beginning of May, Golden Gopher Company...Ch. 3 - Record the adjusting entry for prepaid rent (LO33)...Ch. 3 - Prob. 3.8BECh. 3 - Prob. 3.9BECh. 3 - Record the adjusting entry for deferred revenue...Ch. 3 - Prob. 3.11BECh. 3 - Midshipmen Company borrows 15,000 from Falcon...Ch. 3 - Prob. 3.13BECh. 3 - For each of the following accounts, indicate...Ch. 3 - Prob. 3.15BECh. 3 - Prob. 3.16BECh. 3 - Prob. 3.17BECh. 3 - The following account balances appear in the 2018...Ch. 3 - Prob. 3.19BECh. 3 - Prob. 3.20BECh. 3 - Consider the following situations: 1.American...Ch. 3 - Consider the following situations: 1.American...Ch. 3 - Refer to the situations discussed in E31....Ch. 3 - Differentiate cash-basis expenses from...Ch. 3 - Prob. 3.5ECh. 3 - Listed below are all the steps in the accounting...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Refer to the information in E310. Calculate the...Ch. 3 - Prob. 3.12ECh. 3 - Below are transactions for Hurricane Company...Ch. 3 - Prepare an adjusted trial balance (LO33, 34) The...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - On January 1, 2018, Red Flash Photography had the...Ch. 3 - Prob. 3.21ECh. 3 - Consider the following transactions. Required: For...Ch. 3 - Prob. 3.2APCh. 3 - Record adjusting entries (LO3-3) The information...Ch. 3 - Crimson Tide Music Academy offers lessons in...Ch. 3 - Prob. 3.5APCh. 3 - The year-end financial statements of Rattlers Tax...Ch. 3 - Complete the accounting cycle after adjusting...Ch. 3 - The general ledger of Red Storm Cleaners at...Ch. 3 - The general ledger of Zips Storage at January 1,...Ch. 3 - Consider the following transactions. Required: For...Ch. 3 - Prob. 3.2BPCh. 3 - Prob. 3.3BPCh. 3 - Prob. 3.4BPCh. 3 - Prob. 3.5BPCh. 3 - FIGHTING ILLINI Income Statement Service revenue...Ch. 3 - Prob. 3.7BPCh. 3 - The general ledger of Pipers Plumbing at January...Ch. 3 - The general ledger of Jackrabbit Rentals at...Ch. 3 - You may refer to the opening story of Tony and...Ch. 3 - Prob. 3.2APFACh. 3 - Prob. 3.3APFACh. 3 - Prob. 3.4APCACh. 3 - Prob. 3.5APECh. 3 - Prob. 3.7APWC
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