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[The following information applies to the questions displayed below) On January 1, 2021, 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 2021, the company had the following transactions: 22 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 2021, 543,000. 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, 2021 1. Employees are owed an additional $6,000 in salaries 2. Three months of the rental space has expired. 3. Supplies of $7,000 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed 3. Prepare an adjusted trial balance. X Answer is not complete. 5.52 Credit RED FLASH PHOTOGRAPHY Adjusted Trial Balance December 31, 2021 Accounts Debit Cash 6,000 Supplies 7.000 Land 80,000 Deferred Revenue Common Stock Retained Earnings Prepaid Rent 24,000 Accounts Receivable 50,000 Salaries Payable 0 110.000 OOOOX 51.000 6.000 Stmt of Income Stockholders Balance Sheet Statement Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2021 Expenses Prot [The following information applies to the questions displayed below) On January 1, 2021, 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 2021, the company had the following transactions: 22 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 2021, 543,000. 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, 2021 1. Employees are owed an additional $6,000 in salaries 2. Three months of the rental space has expired. 3. Supplies of $7,000 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed 3. Prepare an adjusted trial balance. X Answer is not complete. 5.52 Credit RED FLASH PHOTOGRAPHY Adjusted Trial Balance December 31, 2021 Accounts Debit Cash 6,000 Supplies 7.000 Land 80,000 Deferred Revenue Common Stock Retained Earnings Prepaid Rent 24,000 Accounts Receivable 50,000 Salaries Payable 0 110.000 OOOOX 51.000 6.000 Stmt of Income Stockholders Balance Sheet Statement Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2021 Expenses Prot