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, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300, Common Stock $63,000; and Retained Earnings, $38,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $33,000. 2. May 20 Provide services to customers for cash, $48,000, and on account, $43,000. 3. August 31 Pay salaries to employees for work in 2024, $36,000. 4. October 1 Purchase rental space for one year, $25,000. 5. November 17 Purchase supplies on account, $35,000. 6. December 30 Pay dividends, $3,300. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,300 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,300 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed.