Business, 25.02.2020 19:59 YeetMyFeet

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, $16,000.
(5) November 17 Purchase supplies on account, $26,000.
(6) December 30 Pay dividends, $2,400.

The following information is available on December 31, 2021:
Employees are owed an additional $4,400 in salaries.
Three months of the rental space has expired.
Supplies of $5,400 remain on hand.
All of the services associated with the beginning deferred revenue have been performed. .

Prepare an adjusted trial balance.

Answers: 3

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On January 1, 2021, Red Flash Photography had the following balances:
Cash, $16,000; Supplies...