Exercise 3-20B 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, Year 1, a company had the following balances: Cash, $14,000; Supplies, $8,200; Land, $62,000; Deferred Revenue, $5,200; Common Stock $52,000; and Retained Earnings, $27,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $22,000. 2. May 20 Provide services to customers for cash, $37,000, and on account, $32,000. 3. August 31 Pay salaries to employees for work in Year 1, $25,000. 4. October 1 Purchase rental space for one year, $14,000. 5. November 17 Purchase supplies on account, $24,000. 6. December 30 Pay dividends, $2,200. The following information is available on December 31, Year 1: 1. Employees are owed an additional $4,200 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,200 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed