[The following information applies to the questions displayed below.] On January
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Question
[The following information applies to the questions displayed below.]
On January 1, 2015, Red Flash Photography had the following balances: Cash, $14,000; Supplies, $8,200; Land, $62,000; Unearned Revenue, $5,200; Common Stock $52,000; Retained Earnings, $27,000. During 2015, the company had the following transactions:
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Record the transactions that occurred during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Record the adjusting entries at the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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On January 1, 2015, Red Flash Photography had the following balances: Cash, $14,000; Supplies, $8,200; Land, $62,000; Unearned Revenue, $5,200; Common Stock $52,000; Retained Earnings, $27,000. During 2015, the company had the following transactions:
Explanation / Answer
Solution 1:
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Solution 9:
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Solution 11:
Journal Entries S. No. Particulars Debit Credit 1 Cash Dr $22,000.00 To Common Stock $22,000.00 (To record additional shares issued) 2 Cash Dr $37,000.00 Accounts receivables Dr $32,000.00 To Service revenue $69,000.00 (To record service provided to customer) 3 Salaries and Wages expense Dr $25,000.00 To Cash $25,000.00 (To record salary payment) 4 Prepaid Rent $14,000.00 To Cash $14,000.00 (Being rent paid) 5 Supplies Dr $24,000.00 To Accounts payable $24,000.00 (To record purchase of supplies) 6 Dividends Dr $2,200.00 To Cash $2,200.00 (To record dividend paid)Related Questions
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