Required information Exercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 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, $26,000; Supplies, \$9,400: Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. May 20 Provide services to customers for cash, $49,000, and on account, $44,000. 3. August 31 Pay salaries to employees for work in 2024, $37,000. 4. October 1 Purchase rentol space for one year, $26,000. 5. Novenber 17 Purchase supplies on account, $36,900. 6. Decenber 30 Pay dividends, $3,400. The following information is available on December 31, 2024: 1. Employees are owed an additional $5.400 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6.400 remain on hand All other supplies have been used 4. All of the services associated with the beginning deferred revenue have been performed