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, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained Earnings, $26,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $21,000. 2. May 20 3. August 31 4. October 1 5. November 17 6. December 30 Provide services to customers for cash, $36,000, and on account, $31,000. Pay salaries to employees for work in 2024, $24,000. Purchase rental space for one year, $13,000. Purchase supplies on account, $23,000. Pay dividends, $2,100. The following information is available on December 31, 2024: 1. Employees are owed an additional $4,100 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,100 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 5 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) * Answer is not complete. No Date General Journal Debit Credit 1 December 31, 202 Salaries Expense 5,300 Salaries Payable 5,300 December 31, 202 Rent Expense 6,250 6,250 Prepaid Rent 3 December 31, 202 Deferred Revenue 6,300 x Service Revenue 6,300 x