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		Provide services to customers for cash, $39,000, and on account, $34,000.
3.		August		31		Pay salaries to employees for work in 2021, $27,000.
4.		October		1		Purchase rental space for one year, $16,000.
5.		November		17		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.

5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Required information Journal entry worksheet