Record the adjusting entry for supplies on December 31. Record the entry to close the revenue accounts.
Fantastic news! We've Found the answer you've been seeking!
Question:
Record the adjusting entry for supplies on December 31.
Record the entry to close the revenue accounts.
Record the entry to close the expense accounts
Record the entry to close the dividends accounts.
Transcribed Image Text:
On January 1, 2021, Red Flash Photography had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000; Deferred Revenue, $5,500; Common Stock $55,000; and Retained Earnings, $30,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,000. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2021, $28,000. 4. October 1 Paid for one year's rent in advance, $17,000. 5. November 17 Purchase supplies on account, $27,000. 6. December 30 Pay dividends, $2,500. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. On January 1, 2021, Red Flash Photography had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000; Deferred Revenue, $5,500; Common Stock $55,000; and Retained Earnings, $30,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,000. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2021, $28,000. 4. October 1 Paid for one year's rent in advance, $17,000. 5. November 17 Purchase supplies on account, $27,000. 6. December 30 Pay dividends, $2,500. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.
Expert Answer:
Answer rating: 100% (QA)
Adjusting Entry for Supplies on December 31 Date December 31 2021 Debit Suppli... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
On January 1, 2024, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred Revenue, $5,000; Common Stock $50,000; and Retained Earnings, $25,000....
-
On January 1, 2021, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred Revenue, $5,000; Common Stock $50,000; and Retained Earnings, $25,000....
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
When completed submit your assignment to the appropriate area. Company A, an American company, owns Company B, a Canadian subsidiary. Company A borrowed 1,000,000 Canadian dollars as a hedge on its...
-
Hudson Corp. has extra space in its warehouse and agrees to rent it out to Stillwater Company at the rate of $2,000 per month. The space was made available to Stillwater beginning on September 1,...
-
Refer to the figure and find the volume generated by rotating the given region about the specified line. R 2 about BC y B(1, 1) C(0, 1) R2 y= Vr R3 Rr A(1, 0)
-
Use resolution to prove that the following logical argument, devised by Lewis Carroll, is valid: No shark ever doubts that it is well-fitted out A fish, that cannot dance a minute, is contemptible No...
-
Following are selected balance sheet accounts of Allman Bros. Corp. at December 31, 2008 and 2007, and the increases or decreases in each account from 2007 to 2008. Also presented is selected income...
-
Sam, not married and does not maintain a home for a dependent, has $ 5 0 , 0 0 0 salary and $ 5 , 0 0 0 qualified dividends. Sam has itemized deductions of $ 1 4 , 0 0 0 . Compute Sam\'s total tax...
-
Ryan is 26 years old and weighs 213 pounds. He works a full-time construction job during the day and squeezes in online classes at the community college in the evenings. He recently started working...
-
a) Use the principle of superposition to find the voltage vo in the circuit in Figure shown 220 V Vo 20 n 92V 50 20 A
-
Suppose that the required reserve ratio is 9%, currency in circulation is \($620\) billion, the amount of checkable deposits is \($950\) billion, and excess reserves are \($15\) billion. a. Calculate...
-
How did the financial crises in South Korea and Argentina affect aggregate demand, short-run aggregate supply, and output and inflation in these countries?
-
Suppose your country is concerned about inflation and has set a target rate for the year. The government believes that targeting inflation is the most important role of monetary politics. The central...
-
Why do VHWOs not report all pledges received in the period in the assets without donor restrictions section of the statement of activities? Identify what is not included.
-
It is clear that the Projects impact upon, and its implications for, the environment are of necessity a key issue. The numerous scientific reports which have been presented to the Court by the...
-
Fabricators, Inc. produces parts for automobile industry. Due to increasing demand for automobiles, the company wants to increase capacity by adding a new machine. The fixed costs for the new...
-
The swap spread is the difference between the swap rate and the equivalent-maturity Treasury bond yield. Explain why a widening swap spread may be a signal of deteriorating economic conditions. Plot...
-
Suli Mani opened a legal practice on January 1, 2014. During the first month of operations, the following transactions occurred. 1. Performed services for clients represented by insurance companies....
-
Using the information presented in BE9-12, assume instead that Hayes follows a policy of accounting for its investment in Kenyon shares at FV-OCI without recycling. Prepare all entries associated...
-
When the AcSB issues new standards, the implementation date is usually 12 months after the issue date, but early implementation is encouraged. In this case, Paula Popov, controller, is discussing...
-
Calculate the molar volume of methane at \(672 \mathrm{~K}\) and 12 bar using the following methods: (a) Ideal gas equation of state (b) Van der Waals equation of state, where \(a=0.2303...
-
Derive the following relations for a pure substance: (a) \(\left(\frac{\partial H}{\partial T} ight)_{V}=C_{V}+\frac{\beta V}{\alpha}\) (b) \(\left(\frac{\partial H}{\partial P} ight)_{T}=V(1-T...
-
In the study of the phase change process of a pure substance, derive the Clapeyron equation.
Study smarter with the SolutionInn App