Prepare an income statement, statement of stockholders equity, and classified balance sheet and closing entries. the first two entries on the adjusted trial balance are wrong, please explain how to solve.

o @ Q Search [The following information applies to the questions displayed below.] On January 1, 2018, Red Flash Photography had the following balances: Cash, $15,000; Supplies, $8,300; Land, $63,000; Deferred Revenue, $5,300; Common Stock $53,000; Retained Earnings, $28,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $23,000. 2. May 20 Provide services to customers for cash, $38,000, and on account, $33,000. 3. August 31 Pay salaries to employees for work in 2018, $26,000. 4. October 1 Purchase rental space for one year, $15,000. 5. November 17 Purchase supplies on account, $25,000. 6. December 30 Pay dividends, $2,300. The following information is available on December 31, 2018: 1. Employees are owed an additional $4,300 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,300 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Screen Shot 2019-09-16 at 5.19.40 PM o @ Q Search 3. Prepare an adjusted trial balance. RED FLASH PHOTOGRAPHY Adjusted Trial Balance December 31, 2018 Accounts Debit Cash Accounts payable Prepaid rent Supplies 5,300 Land 63,000 $ Credit 31,000 25,000 33,000 30,300 Accounts receivable Salaries expense Common stock Retained earnings Service revenue Dividends Salaries payable Rent expense Supplies expense 76,000 28,000 76,300 2,300 $ 4,300 3,750 28,000 Totals $ 165,650 $ 240,600