What does the Red and White color represent on the American flag?

What do the colors mean on Red, White and Blue on the American flag, what do they represent and what do the stripes and stars represent?

The red symbolizes the blood shed in the battles fought to preserve our independence from the british. The 13 white stripes represent the 13 original colonies that the United States was originally comprised of. 50 stars are for the 50 states. And I believe the blue is just a section for the stars to be on, but I could be wrong.

I think that red symbolizes the blood shed in the fight for our freedom. The white symbolizes purity of purpose---Blue is the symbol for the sky.