3 of 5 ts eBook Print References ! 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 below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $21,000; Supplies, $8,900; Land, $69,000; Deferred Revenue, $5,900; Common Stock $59,000; and Retained Earnings, $34,000. During 2024, the company had the following transactions: 1. February 15 2. May 20 3. August 31 4. October 1 5. November 17 6. December 30 Issue additional shares of common stock, $29,000. Provide services to customers for cash, $44,000, and on account, $39,000. Pay salaries to employees for work in 2024, $32,000. Purchase rental space for one year, $21,000. Purchase supplies on account, $31,000. Pay dividends, $2,900. The following information is available on December 31, 2024: 1. Employees are owed an additional $4,900 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,900 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed.

Required information Exercise 320 (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 below] On January 1, 2024, Red Fash Photography had the following balances: Cash, \$21,000; Supplies, \$8,900; Land, \$69,000; Deferred Revenue, \$5,900: Common Stock \$59,000; and Retained Earnings, \$34,000. During 2024, the compony had the following transactions: 1. February 15 Issue additionsl shares of connon steck, 329,080. 2. May 20 3. August in 4. October 1 Provide services to custoeners for cash, s44,6ed, and on account, 539, 0 , pay solaries to enployees for work in 2024,332,000. 6. Deceober 30 pay dividends, $2,900. The following information is available on December 31,2024 1. Employees ane owed an additional $4,900 in salaries. 2. Three months of the rental space have expled 3. Supplies of $5,900 temoin on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue hwe been performed. Required information Exercise 320 (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 below] On January 1, 2024, Red Fash Photography had the following balances: Cash, \$21,000; Supplies, \$8,900; Land, \$69,000; Deferred Revenue, \$5,900: Common Stock \$59,000; and Retained Earnings, \$34,000. During 2024, the compony had the following transactions: 1. February 15 Issue additionsl shares of connon steck, 329,080. 2. May 20 3. August in 4. October 1 Provide services to custoeners for cash, s44,6ed, and on account, 539, 0 , pay solaries to enployees for work in 2024,332,000. 6. Deceober 30 pay dividends, $2,900. The following information is available on December 31,2024 1. Employees ane owed an additional $4,900 in salaries. 2. Three months of the rental space have expled 3. Supplies of $5,900 temoin on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue hwe been performed