Question & Answer: On January 1, 2015, Red Flash Photography had the following balances: Cash, $19,000, Supplies, $8,700; Land, $67,000; Unearned Reven…..

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On January 1, 2015, Red Flash Photography had the following balances: Cash, $19,000, Supplies, $8,700; Land, $67,000; Unearned Revenue, $5,700; Common Stock $57,000, Retained Earnings, $32,000. During 2015, the company had the following transactions 1. Issue additional shares of common stock, $27,000 2. Provide services to customers for cash, $42,000, and on account, $37000. 3. Pay salaries to employees for work in 2015, $30,000 4. Purchase rental space for one year, $19,000. 5. Purchase supplies on account, $29,000 6. Pay dividends, $2,700. The following information is available on December 31, 2015: 1. Employees are owed an additional $4,700 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,700 remain on hand. 4. All of the services associated with the beginning unearned revenue have been performed.

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On January 1, 2015, Red Flash Photography had the following balances: Cash, $19,000, Supplies, $8,700; Land, $67,000; Unearned Revenue, $5,700; Common Stock $57,000, Retained Earnings, $32,000. During 2015, the company had the following transactions 1. Issue additional shares of common stock, $27,000 2. Provide services to customers for cash, $42,000, and on account, $37000. 3. Pay salaries to employees for work in 2015, $30,000 4. Purchase rental space for one year, $19,000. 5. Purchase supplies on account, $29,000 6. Pay dividends, $2,700. The following information is available on December 31, 2015: 1. Employees are owed an additional $4,700 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,700 remain on hand. 4. All of the services associated with the beginning unearned revenue have been performed.

Expert Answer

 

Q2 – Transaction 3 – Since 5700 worth of supplies are remaining, amount to be expensed should be 29000-5700 = 23300.

Entry – Supplies expense debit 23300

To Supplies     23300

Q2 – Transaction 4 – No entry is required for this line item, since revenue has already been recognised for which services are provided at a later date.

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