Business, 13.02.2020 22:03 itsstaytay200

On January 1, 2018, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2018, the company had the following transactions:

1. February 15 Issue additional shares of common stock, $34,000.
2. May 20 Provide services to customers for cash, $49,000, and on account, $44,000.
3. August 31 Pay salaries to employees for work in 2018, $37,000.
4. October 1 Purchase rental space for one year, $26,000.
5. November 17 Purchase supplies on account, $36,000.
6. December 30
Pay dividends, $3,400.

The following information is available on December 31, 2018:

1. Employees are owed an additional $5,400 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $6,400 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.

Requirement

General Journal

General Ledger

Trial Balance

Income Statement

Statement of SE

Balance Sheet

1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 6). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 7-10).
3. Review the adjusted 'Trial Balance' as of December 31, 2018.
4. Prepare an income statement for the period ended December 31, 2018, in the 'Income Statement' tab.
5. Prepare a classified balance sheet as of December 31, 2018 in the 'Balance Sheet' tab.
6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13).

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 20:30

Which of the following is an example of formal management controls? answers: a firm's culturethe willingness of employees to monitor each otherbudgeting and reporting activitiesmanagerial motivation

Answers: 3

Answer

Business, 21.06.2019 23:30

Select the correct answer. the word intestate means that a person has died with or without a will?

Answers: 1

Answer

Business, 22.06.2019 05:30

The struter partnership has total partners’ equity of $510,000, which is made up of main, capital, $400,000, and frist, capital, $110,000. the partners share net income and loss in a ratio of 80% to main and 20% to frist. on november 1, adison is admitted to the partnership and given a 15% interest in equity and a 15% share in any income and loss. prepare journal entries to record the admission of adison for a 15% interest in the equity and a 15% share in any income and loss under the following independent assumptions. (1) record the admission of adison with an investment of $90,000 for a 15% interest in the equity and a 15% share in any income and loss. (2) record the admission of adison with an investment of $120,000 for a 15% interest in the equity and a 15% share in any income and loss. (3) record the admission of adison with an investment of $80,000 for a 15% interest in the equity and a 15% share in any income and loss.

Answers: 1

Answer

Business, 22.06.2019 06:40

Vintage fun reproduces oldminusfashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activityminusbased costing system for its products. if the company used an activityminusbased costing system, it would have the following three activity cost pools: the overhead cost per skateboard using the traditional costing system would be closest to: a. $9.31. b. $65.31. c. $25.05. your answer is not correct.d.

Answers: 2

Answer

You know the right answer?

On January 1, 2018, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,40...

Questions