On January 1, 2018, Red Flash Photography had the following balances: Cash, $21,000; Supplies, $8,900; Land, $69,000; Deferred Revenue, $5,900; Common Stock $59,000; Retained Earnings, $34,000. During 2018, the company had the following transactions:
(1) Issue additional shares of common stock, $29,000.
(2) Provide services to customers for cash, $44,000, and on account, $39,000.
(3) Pay salaries to employees for work in 2018, $32,000.
(4) Purchase rental space for one year, $21,000.
(5) Purchase supplies on account, $31,000.
(6) Pay dividends, $2,900.
The following information is available on December 31, 2021:
Employees are owed an additional $4,900 in salaries.
Three months of the rental space has expired.
Supplies of $5,900 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.
(1) Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
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Ответ:
See explanation
Explanation:
Red Flash Photography
Journal Entries
1. Debit Cash $29,000
Credit Common Stock $29,000
(issuing common stock for cash that will increase the cash)
2. Debit Cash $44,000
Debit Accounts Receivable $39,000
Credit Service Revenue $83,000
(Provided services on account and cash)
3. Debit Salaries expense $32,000
Credit Cash $32,000
(Paid salaries to workers)
4. Debit Prepaid Rent $21,000
Credit Cash $21,000
(Paid rent in advance for cash)
5. Debit Supplies $31,000
Credit Accounts payable $31,000
(Purchase supplies on account means liability will increase)
6. Debit Dividends $2,900
Credit Cash $2,900
(Paid cash dividends to the shareholders)
Ответ:
11:16 = 22:32
18:32
Least: 18:32
Middle: 5:8
Greatest: 11:16