GL 2-10 (Algo) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) On January 1, 2024, Red Flash Photography had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000; Deferred Revenue, \$5,500; Common Stock $55,000; and Retained Earnings, $30,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,000. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,060. 3. August 31 Pay salaries to employees for work in 2024,$28,000. 4. October 1 Purchase rental space for one year, $17,000. 5. Novenber 17 Purchase supplies on account, $27,680. 6. December 30 Pay dividends, 52,500 . The following information is available on December 31, 2024: 1. Employees are owed an additional $4,500 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5.500 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field. GL 2-10 (Algo) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) On January 1, 2024, Red Flash, Photography had the following balances: Cash, \$17,000: Supplies, $8,500; Land, \$65,000; Deferred Revenue, \$5,500; Common Stock $55,000; and Retained Earnings, $30,000. During 2024, the company had the folowing transactions: 1. February 15 Issue additional shares of common stock, $25,080. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to eeployees for work in 2024,$28,000. 4. October 1 Purchase rental space for one year, $17,000. 5. November 17 Purchase supplies on account, $27,000. 6. December 30 Pay dividends, $2,500. The following information is available on December 31,2024 : 1. Employees are owed an additional $4.500 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,500 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 1. Record each of the transactions listed above in the 'General Joumal' tab. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31,2024. 4. Prepare on income statement for the year ended December 31, 2024, in the 'Income Statement tab. 5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2024, in the 'Income Statement' tab. 6. Prepare a classified balance sheet as of December 31,2024 in the 'Baiance sheet' tab. 7. Record the closing entries in the 'General Joumar tab
