On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $24,000. 2. May 20 3. August 31 4. October 5. November 17 Provide services to customers for cash, $39,000, and on account, $34,000. Pay salaries to employees for work in 2021, $27,000. 1 Paid for one year's rent in advance, $16,000. Purchase supplies on account, $26,000. 6. December 30 Pay dividends, $2,400. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. General Requirement Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal in the first account field.) Revenues: Service Revenue Total Revenue Expenses: RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 $ -10,804 (10,800) Rent Expense Salaries Expense Supplies Expense (27,400) 27,400 0 Total Expenses Net Income 0 59 $ -10,800 RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Period Ended December 31, 2021 Common Stock Retained Total Stockholders' Earnings Equity $ 0 0 0 0 $ 0 $ 0 $ 0 Post-closing RED FLASH PHOTOGRAPHY Balance Sheet As of December 31, 2021 Dates: Jan 01 to: Dec 31 Assets Current Assets: Liabilities Current Liabilities: $ 0 0 $ 0 0 0 0 0 0 Total Current Liabilities 0 000 0 0 Total Current Assets 0 Total Liabilites 0 Long-term Assets: Stockholder's Equity 0 0 0 0 Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities & Stockholders' Equity $ 0