Chapter 3 Homework 1 Requieu momIALIVIT Saved 15 Part 5 of 5 [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2024, the company had the following transactions: 1. February 15 2. May 20 3. August 31 4. October 1 5. November 17 Skipped 6. December 30 eBook Print Issue additional shares of common stock, $37,000. Provide services to customers for cash, $52,000, and on account, $47,000. Pay salaries to employees for work in 2024, $40,000. Purchase rental space for one year, $29,000. Purchase supplies on account, $39,000. Pay dividends, $3,700. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,700 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,700 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.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Help Save & Exit Submit