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Exercise 3-20 (Static) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below] 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, During 2024 , the company had the foliowing transactions: 1. February 15 Issue additional shares of cemon stock, $20, 800 . 2. May 20 Provade services to customers for cash, $35,000, and on account, $30,000, 3. August 31 Pay salaries to enployees for work in 2924,523,900. 4. October 1 Purchase rental space for one year, $12,000. 5. Novenber 17 Purchase supplies on account, $27,000. 6. Deceeber 30 Pay dividends, $2,000. The following information is available on December 31, 2024: 1. Employees are owed an additional $4,000 in salaries. 2. Three months of the rental space have explred. 3. Supplies of $5,000 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20 (Static) Part 5 5. Prepare closing entries. (If no entry is required for a particular tronsaction/ovent, select "No Journal Entry Required" in the first ccount field.)

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