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, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, \$6,500; Common Stock \$65,000; and Retained Earnings, $40,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 20 Provide services to customers for cash, $50,000, and on accout, $45,000. 3. August 31 Pay salaries to employees for work in 2024,$38,000. 4. October 1 Purchase rental space for one year, $27,000. 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,500 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 3 3. Prepare an adjusted trial balance