2 of 5 Required information Exercise 3-20A 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, 2021, Red Flash Photography had the following balances Cash, $15,000; Supplies, $8,300, Land $63,000; Deferred Revenue, $5,300: Common Stock $53,000; and Retained Earnings. $28,000. During 2021, the company had the following transactions: Is Book ferences 1. February 15 Issue additional shares of common stock, $23,000. 2. May 20 Provide services to customers for cash, $38,000, and on account, $33,000. 3. August 31 Pay salaries to employees for work in 2021, $26.000. 1. October 1 Purchase rental space for one year. $15,000. 5. November 17 Purchase supplies on account, $25,000. 6. December 30 Day dividends, $2,300. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,300 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,300 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed Exercise 3-20A Part 2 2. Record the adjusting entries at the end of the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not round Intermediate calculations.) View transaction list Part 2 of 5 Journal entry worksheet ints 1 2 3 4 eBook Record the adjusting entry for salaries on December 31. Ask Print Note: Enter debits before credits References General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal Exercise 3-20A Part 3 3. Prepare an adjusted trial balance. RED FLASH PHOTOGRAPHY Adjusted Trial Balance December 31, 2021 Accounts Debit Credit -S Totals $ 0$ 0 Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Balance Sheet Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2021 Expenses: Total Expenses Income Statement Stmt of S Exercise 3-20A Part 4 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Balance at January 1 Balance at December 31 Required information Complete this question by entering your answers in the tabs below. of 5 Income Stmt of Stockholders Balance Sheet Statement Equity Prepare a classified balance sheet. RED FLASH PHOTOGRAPHY Balance Sheet December 31, 2021 OK Assets Llabilities Current assets: Current liabilities: ences O Total current liabilities 0 Total current assets Long-term assets Stockholder's Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity Total assets $ S 0 Exercise 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal En account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general Journal S