5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $24,000; Supplies, $9,200; Land, \$72,000; Deferred Revenue, \$6,200; Common Stock \$62,000; and Retained Earnings, \$37,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $32,000. 2. May 20 Provide services to customers for cash, $47,000, and on account, \$42,000. 3. August 31 Pay salaries to employees for work in 2024,$35,000. 4. October 1 Purchase rental space for one year, $24,000. 5. November 17 Purchase supplies on account, $34,000. 6. December 30 Pay dividends, \$3,200. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,200 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,200 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits