GL2-10 Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. May 20 Provide services to customers for cash, $49,000, and on account, $44,000. 3. August 31 Pay salaries to employees for work in 2021, $37,000. 4. October 1 Paid for one year's rent in advance, $26,000. 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. B. Supplies of $6,400 remain on hand. All of the services associated with the beginning deferred revenue have been performed.