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On January 1 , 2 0 2 4 , Red Flash Photography had the following balances: Cash, $ 1 4 , 0 0 0 ;

On January 1,2024, Red Flash Photography had the following balances: Cash, $14,000; Supplies, $8,200; Land, $62,000; Deferred Revenue, $5,200; Common Stock $52,000; and Retained Earnings, $27,000. During 2024, the company had the following transactions:
1. February 15 Issue additional shares of common stock, $22,000.
2. May 20 Provide services to customers for cash, $37,000, and on account, $32,000.
3. August 31 Pay salaries to employees for work in 2024, $25,000.
4. October 1 Purchase rental space for one year, $14,000.
5. November 17 Purchase supplies on account, $24,000.
6. December 30 Pay dividends, $2,200.
The following information is available on December 31,2024:
Employees are owed an additional $4,200 in salaries.
Three months of the rental space have expired.
Supplies of $5,200 remain on hand. All other supplies have been used.
All of the services associated with the beginning deferred revenue have been performed.

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