General Journal, Income Statement, Statement of SE, Balance Sheet
Journal Entries | |||||
Date | Particulars | Debit | Credit | ||
15-Feb | Cash | $ 28,000.00 | |||
To Common Stock | $ 28,000.00 | ||||
20-May | Cash | $ 43,000.00 | |||
Accounts Receivable | $ 38,000.00 | ||||
To Service Revenue | $ 81,000.00 | ||||
31-Aug | Salaries Expense | $ 31,000.00 | |||
To Cash | $ 31,000.00 | ||||
1-Oct | Prepaid Rent | $ 20,000.00 | |||
To Cash | $ 20,000.00 | ||||
17-Nov | Supplies | $ 30,000.00 | |||
To Accounts Payable | $ 30,000.00 | ||||
30-Dec | Dividends | $ 2,800.00 | |||
To Cash | $ 2,800.00 |
Adjusting Entries | |||||
Date | Particulars | Debit | Credit | ||
31-Dec | Salaries Expense | $ 4,800.00 | |||
To Salaries Payable | $ 4,800.00 | ||||
31-Dec | Rent Expense | $ 5,000.00 | |||
To Prepaid Rent | $ 5,000.00 | ||||
($ 20000 x 3/12) | |||||
31-Dec | Supplies Expense | $ 33,000.00 | |||
To Supplies | $ 33,000.00 | ||||
($ 8800 + $ 30000 - $ 5800) | |||||
31-Dec | Deferred Revenue | $ 5,800.00 | |||
To Service Revenue | $ 5,800.00 |
Income Statement | |||||
Service Revenue | $ 86,800.00 | ||||
Less: | Expenses | ||||
Salaries Expense | $ 35,800.00 | ||||
Rent Expense | $ 5,000.00 | ||||
Supplies Expense | $ 33,000.00 | $ 73,800.00 | |||
Net Income | $ 13,000.00 |
Statement of Retained Earnings | ||||
Beginning Balance | $ 33,000.00 | |||
Add: | Net Income | $ 13,000.00 | ||
Less: | Dividends | $ (2,800.00) | ||
Ending Balance | $ 43,200.00 |
Balance Sheet | |||
Assets | |||
Cash | $ 37,200.00 | ||
Accounts Receivable | $ 38,000.00 | ||
Prepaid Rent | $ 15,000.00 | ||
Supplies | $ 5,800.00 | ||
Land | $ 68,000.00 | ||
Total Assets | $ 164,000.00 | ||
Liabilities and Equity | |||
Liabilities | |||
Accounts Payable | $ 30,000.00 | ||
Salaries Payable | $ 4,800.00 | ||
Total Liabilities | $ 34,800.00 | ||
Equity | |||
Common stock | $ 86,000.00 | ||
Retained Earnings | $ 43,200.00 | ||
Total Equity | $ 129,200.00 | ||
Total Liabilities and Equity | $ 164,000.00 |
General Journal, Income Statement, Statement of SE, Balance Sheet On January 1, 2021, Red Flash Photography...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $28,000. 2. May 20 Provide services to customers for cash, $43,000, and on account, $38,000. 3. August 31 Pay salaries to employees for work in...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $24,000. 2. May 20 Provide services to customers for cash, $39,000, and on account, $34,000. 3. August 31 Pay salaries to employees for work in 2021, $27,000. 4. October 1 Purchase rental space for one...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $24,000. 2. May 20 Provide services to customers for cash, $39,000, and on account, $34,000. 3. August 31 Pay salaries to employees for work in 2021, $27,000. 4. October 1 Purchase rental space for one...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $24,000. 2. May 20 Provide services to customers for cash, $39,000, and on account, $34,000. 3. August 31 Pay salaries to employees for work in 2021, $27,000. 4. October 1 Purchase rental space for one year,...
on January 1, 2021 red flash photography had the following balance : Cash , $21,000 Supplies, $8,900 Land, $69,000, Deferred Revenue, $5,900 Common Stock $59,000 and Retained Earnings $34,000 during 2021, the company had the following transactions 1) February 15 Issue additional shares of common stock $29,9000 2) May 20 Provide services to customers for cash, $44,000 and on account $39,000 3) August 31 Pay salaries to employees for work in 2121 $32,000 4) October 1 Purchased rental space for...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained Earnings, $26,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $21,000. 2. May 20 Provide services to customers for cash, $36,000, and on account, $31,000. 3. August 31 Pay salaries to employees for work in 2021, $24,000. 4. October 1 Purchase rental space for one year,...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, $6,500; Common Stock $65,000; and Retained Earnings, $40,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 20 Provide services to customers for cash, $50,000, and on account, $45,000. 3. August 31 Pay salaries to employees for work in 2021, $38,000. 4. October 1 Purchase rental space for one year,...
On January 1, 2021, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained Earnings, $26,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $21,000. 2. May 20 Provide services to customers for cash, $36,000, and on account, $31,000. 3. August 31 Pay salaries to employees for work in 2021, $24,000. 4. October 1 Purchase rental space for one year,...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $28,000. 2. May 20 Provide services to customers for cash, $43,000, and on account, $38,000. 3. August 31 Pay salaries to employees for work in...
Check my work On January 1, 2021, Red Flash Photography had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, $6,500; Common Stock $65,000; and Retained Earnings, $40,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 20 Provide services to customers for cash, $50,000, and on account, $45,000. 3. August 31 Pay salaries to employees for work in 2021, $38,000. 4. October 1 Purchase rental space...