Reference no: EM132461293
On January 1, 2021, Red Flash Photography had the following balances:
Cash, $23,000;
Supplies, $9,100;
Land, $71,000;
Deferred Revenue, $6,100;
Common Stock $61,000; and
Retained Earnings, $36,000.
During 2021, the company had the following transactions:
1. February 15 Issue additional shares of common stock, $31,000.
2. May 20 Provide services to customers for cash, $46,000, and on account, $41,000.
3. August 31 Pay salaries to employees for work in 2021, $34,000
.4. October 1 Purchase rental space for one year, $23,000.
5. November 17 Purchase supplies on account, $33,000.
6. December 30 Pay dividends, $3,100.
The following information is available on December 31, 2021:
- Employees are owed an additional $5,100 in salaries.
- Three months of the rental space has expired.
- Supplies of $6,100 remain on hand.
- All of the services associated with the beginning deferred revenue have been performed.
Question 1. Prepare an adjusted trial balance.