7:30 PM Mon Feb 7 Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries LO3-3, 3-4, 3-5, 3-6, 3-7) E3-20 On January 1, 2024, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000: 159 Deferred Revenue, $5,000; Common Stock $50,000; and Retained Earnings, $25,000. During 2024, the company had the following transactions: 20 Provide services to customers for cash, $35,000, and on account, $30,000. 31 Pay salaries to employees for work in 2024, $23,000. 1. February 15 Issue additional shares of common stock, $20,000. 2. May 3. August 4. October 5. November 6. December 1 Purchase rental space for one year, $12,000. 17 Purchase supplies on account, $22,000. 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 expired. 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. Required: 1. Record the transactions that occurred during the year. 2. Record the adjusting entries at the end of the year. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet. 5. Prepare closing entries. 100%