On January 1, 2021, Red Flash Photography had the following balances: Cash, $30,000; Supplies, $9,800; Land, $78,000; Deferred Revenue, $6,800; Common Stock $68,000; and Retained Earnings. $43,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $38,000. 2. May 20 Provide services to customers for cash, $53,000, and on account, $48,000. 3. August 31 Pay salaries to employees for work in 2021, $41,000. 4. October 1 Purchase rental space for one year, $30,000. 5. November 17 Purchase supplies on account, $40,000. 6. December 30 Pay dividends, $3,800. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,800 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,800 remain on hand. 4. All of the services associated with the beginning deferred revenue have be performed 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3