Answer:
See explanation
Explanation:
Red Flash Photography
Journal Entries
1. Debit     Cash                 $29,000
Credit       Common Stock               $29,000
(issuing common stock for cash that will increase the cash)
2. Debit    Cash                               $44,000
    Debit    Accounts Receivable    $39,000
  Credit           Service Revenue                   $83,000
(Provided services on account and cash)
3. Debit    Salaries expense            $32,000
Credit               Cash                                     $32,000
(Paid salaries to workers)
4. Debit    Prepaid Rent                   $21,000
Credit               Cash                                     $21,000
(Paid rent in advance for cash)
5. Debit    Supplies                          $31,000
Credit                  Accounts payable            $31,000
(Purchase supplies on account means liability will increase)
6. Debit    Dividends                        $2,900
Credit                   Cash                                 $2,900
(Paid cash dividends to the shareholders)