Required information

Exercise $3-20($Algo$)$ Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries $($LO$3-3,3-4,3-5,3-6,3-7)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Red Flash Photography had the following balances: Cash, $$25,000$; Supplies, $$9,300$; Land, $$73,000$; Deferred Revenue, $$6,300,$ Common Stock $$63,000,$ and Retained Earnings, $$38,000.$ During $2024,$ the company had the following transactions:

February $15$ Issue additional shares of common stock, $$33,000.$

May $20$ Provide services to customers for cash, $$48,000,$ and on account, $$43,000.$

August $31$ Pay salaries to employees for work in $2024,$ $$36,000.$

October $1$ Purchase rental space for one year, $$25,000.$

November $17$ Purchase supplies on account, $$35,000.$

December $30$ Pay dividends, $$3,300.$

The following information is available on December $31,2024$:

Employees are owed an additional $$5,300$ in salaries.

Three months of the rental space have expired.

Supplies of $$6,300$ remain on hand. All other supplies have been used.

All of the services associated with the beginning deferred revenue have been performed. Record the entry to close the revenue accounts, expense accounts and dividends account.