On January 1, 2024, 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 2024, 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 1 6. December 30 5. November 17 Provide services to customers for cash, $39,000, and on account, $34,000. Pay salaries to employees for work in 2024, $27,000. Purchase rental space for one year, $16,000. Purchase supplies on account, $26,000. Pay dividends, $2,400. The following information is available on December 31, 2024: 1. Employees are owed an additional $4,400 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,400 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20 (Algo) Part 1 Required: 1. Record the transactions that occurred during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)