On January 1, 2018, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2018, the company had the following transactions:

1.	February	15		Issue additional shares of common stock, $39,000.
2.	May	20		Provide services to customers for cash, $54,000, and on account, $49,000.
3.	August	31		Pay salaries to employees for work in 2018, $42,000.
4.	October	1		Purchase rental space for one year, $31,000.
5.	November	17		Purchase supplies on account, $41,000.
6.	December	30		Pay dividends, $3,900.

The following information is available on December 31, 2018: 1. Employees are owed an additional $5,900 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,900 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.

Requirements:

Journal entries: (1) Issue additional shares of common stock, $39,000. (2) Provide services to customers for cash, $54,000, and on account, $49,000. (3) Pay salaries to employees for work in 2018, $42,000. (4) Purchase rental space for one year, $31,000. (5) Purchase supplies on account, $41,000. (6) Pay dividends, $3,900. (7) Prepare the adjusting entry for salaries. (8) Prepare the adjusting entry for rent. (9) Prepare the adjusting entry for supplies. (10) Prepare the adjusting entry for revenue earned. (11) Record the closing entry directly to Retained earnings for revenue accounts. (12) Record the closing entry directly to Retained earnings for expense accounts. (13) Record the closing entry directly to Retained earnings for dividends.

Income statement:

Red Flash Photography
Income Statement
For the Year Ended December 31, 2018
Revenues:
Total Revenue
Expenses:
Total expenses

Statement of SE:

Red Flash Photography
Statement of Stockholders' Equity
For the Year Ended December 31, 2018
	Common Stock	Retained Earnings	Total Stockholders' Equity
Balance at January 1, 2018
Balance at December 31, 2018

Balance sheet:

Red Flash Photography
Balance Sheet
December 31, 2018
Assets		Liabilities
Current assets:		Current liabilities:
Total current assets		Total current liabilities
Long-term assets:		Stockholder's Equity
		Total stockholders' equity
Total assets		Total liabilities and stockholders' equity