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Required information Exercise 3-20 (Algo) 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 beiow.] On January 1, 2024, Red Flash Photography had the following bolances: Cash, \$27,000; Supplies, \$9,500; Land, \$75,000; Deferred Revenue, $6,500; Common Stodk $65,000; and Aetained Earnings, $40,000. During 2024 , the company had the following transactions: 1. Debeusry 15 tamue additicnal aherea of eocace atock, \$35,000. 3. Auquat 31 4. Cetaber 1 Pay alariea to emplopeas for work in 2024, \$3B, DDD. Purchase restal apece for ane year, $2T,020. 9. Novenber 17 Turchase mappliea on account, 537,000. 4. Decenber jo Pay dividecda, \$3,501. The following information is available on December 31, 2024: 1. Emplayees are owed an addrional $5,500 in salaries. 2. Three months of the rental space hawe expired. 3. Supplies of $6,500 remain on hand. Al ather supplies have been used. 4. All of the services assaciated with the beginning deferred revenue hawe been performed. Exercise 3-20 (Algo) Part 5 5. Prepare closing entries. (ff no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 3 Fecord the entry to close the revenue accounts. Nate: Enter deb ta balare crads

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