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, $31,000; Supplies, $9,900; Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. 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 Pay dividends, $3,900. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,900 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,900 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Issue additional shares of common stock, $39,000. Provide services to customers for cash, $54,000, and on account, $49,000. Pay salaries to employees for work in 2024, $42,000. Purchase rental space for one year, $31,000. Purchase supplies on account, $41,000.

Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Journal entry worksheet 3 Record the entry to close the reverive accounts. Wots: Enter dethis belore credes. Exercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entrles (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, $31,000; Supplies, $9,900; : Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $39,000. 2. Nay 20 Provide services to customers for cash, $54,000, and on account, $49,000. 3. August 31 Pay salaries to employees for work in 2024, $42,000. 4. October 1 Purchase rental space for one year, $31,000. 5. Novenber 17 Purchase supplies on account, $41,000. 6. December 30 Pay dividends, $3,900. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,900 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,900 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed