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, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2024, the company had the following transactions:

1. February 15	Issue additional shares of common stock, $28,000.
2. May 20	Provide services to customers for cash, $43,000, and on account, $38,000.
3. August 31	Pay salaries to employees for work in 2024, $31,000.
4. October 1	Purchase rental space for one year, $20,000.
5. November 17	Purchase supplies on account, $30,000.
6. December 30	Pay dividends, $2,800.

The following information is available on December 31, 2024:

Employees are owed an additional $4,800 in salaries.

Three months of the rental space have expired.

Supplies of $5,800 remain on hand. All other supplies have been used.

All of the services associated with the beginning deferred revenue have been performed.