Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $24,000. 2. May 20 Provide services to customers for cash, $39,000, and on account, $34,000. 3. August 31 Pay salaries to employees for work in 2021, $27,000. 4. October 1 Purchase rental space for one year, $16,000. 5. November 17 Purchase supplies on account, $26,000. 6. December 30 Pay dividends, $2,400. The following information is available on December 31, 2021: Employees are owed an additional $4,400 in salaries. Three months of the rental space has expired. Supplies of $5,400 remain on hand. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20A Part 1 Required: 1. Record the transactions that occurred during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

UITIUI VVVIIJIILUL Record the issuance of additional shares of common stock, $24,000. Note: Enter debits before credits. Date General Journal Debit Credit February 15 Journal entry worksheet 1 2 3 4 5 6 > Record the entry for services provided to customers for cash, $39,000, and on account, $34,000. Note: Enter debits before credits. Date General Journal Debit Credit May 20 Journal entry worksheet Record the salaries paid to employees for work in 2021, $27,000. Note: Enter debits before credits. Date General Journal Debit Credit August 31 Journal entry worksheet Record the purchase of rental space for one year, $16,000. Note: Enter debits before credits. Date General Journal Debit Credit October 01 Journal entry worksheet Record the purchase of supplies on account, $26,000. Note: Enter debits before credits. Date General Journal Debit Credit November 17 Journal entry worksheet 1 2 2 3 4 5 6 Record the payment of dividends, $2,400. Note: Enter debits before credits. Date General Journal Debit Credit December 30