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 baiances: 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, $35,000. 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. November 17 Purchase supplies on account, $27,000. 6. Decenber 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. 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. Journal entry worksheet (3) (3) (4) (6) (7) 8 . Note: Enter debits before credits. 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 conmon stock, $25,800. 2. May 20 Provide services to customers for cash, $46,800, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2024,$28,080. 4. October 1 purchase rental space for one year, $17,000. 5. Novenber 17 Purchase supplies on account, \$27,000. 6. Decenber 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. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 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 conmon stock, $25,000. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2024, $28,600. 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, $2,560. 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. 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. 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, $35,000. 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, $27,000. 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. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection