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Exercise $3-20($Algo$)$ Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries $($LO$3-3,3-4,3-5,3-6,3-7)$

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$[$The following information applies to the questions displayed below.$]$

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.

Exercise $3-20($Algo$)$ Part $3$

$3.$ Prepare an adjusted trial balance.