On January 1, 2024, Red Flash Photography had the following balances: Cash, $32,000; Supplies, $10,000; Land, $80,000; Deferred Revenue, $7,000; Common Stock $70,000; and Retained Earnings, $45,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $40,000. 2. May 20 Provide services to customers for cash, $55,000, and on account, $50,000. 3. August 31 Pay salaries to employees for work in 2024, $43,000. 4. October 1 Purchase rental space for one year, $32,000. 5. November 17 Purchase supplies on account, $42,000. 6. December 30 Pay dividends, $4,000.

The following information is available on December 31, 2024:

1. Employees are owed an additional $6,000 in salaries.
2. Three months of the rental space have expired.
3. Supplies of $7,000 remain on hand. All other supplies have been used.
4. All of the services associated with the beginning deferred revenue have been performed.

5. Prepare closing entries.