On January 1, 2024, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land,...
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On January 1, 2024, 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 2024, the company had the following transactions: Issue additional shares of common stock, $24,000. Provide services to customers for cash, $39,000, and on account, $34,000. Pay salaries to employees for work in 2024, $27,000. 1. February 15 2. May 20 3. August 31 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, 2024: 1. Employees are owed an additional $4,400 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,400 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Prepare closing entries On January 1, 2024, 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 2024, the company had the following transactions: Issue additional shares of common stock, $24,000. Provide services to customers for cash, $39,000, and on account, $34,000. Pay salaries to employees for work in 2024, $27,000. 1. February 15 2. May 20 3. August 31 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, 2024: 1. Employees are owed an additional $4,400 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,400 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Prepare closing entries
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Closing Entries on December 31 2024 Close Revenue Accounts to Income Su... View the full answer
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