E3-20 On January 1, 2024, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred Revenue, $5,000; Common Stock $50,000; and Retained Earnings, $25,000. During 2024, the company had the following transactions: 15 Issue additional shares of common stock, $20,000. 20 Provide services to customers for cash, $35,000, and on account, $30,000. 1. February 2. May 3. August 31 Pay salaries to employees for work in 2024, $23,000. 4. October 1 Purchase rental space for one year, $12,000. 5. November 6. December 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.