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) (GL) 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. Vebruary 15 2. May 20 3. Augant 31 4. Detober 1 5. November 17 Isoue additional shares of coenon stoek, $39,000. provide servicen to customers for canh, 554,000 , and on account, 549,000. pay salaries to employees for york in 2024,542,000. Purehase rental space for one year, $31,000. 6. December 30 pay dividends, $3,900. The following information is avaliable on December 31,2024 : 1. Employees are owed an additional $5,900 in solaries. 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. Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 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) (GL) 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. Vebruary 15 2. May 20 3. Augant 31 4. Detober 1 5. November 17 Isoue additional shares of coenon stoek, $39,000. provide servicen to customers for canh, 554,000 , and on account, 549,000. pay salaries to employees for york in 2024,542,000. Purehase rental space for one year, $31,000. 6. December 30 pay dividends, $3,900. The following information is avaliable on December 31,2024 : 1. Employees are owed an additional $5,900 in solaries. 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. Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection
