Required information Exercise 3 20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3 3, 3 4, 3 5, 3 6, 3 7) Skip to question The following information applies to the questions displayed below On January 1, 2021, 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 2021, the company had the following transactions 1 February 15 Issue additional shares of common stock, $33,000 2 May 20 Provide services to customers for cash, $48,000, and on account, $43,000 3 August 31 Pay salaries to employees for work in 2021, $36,000 4 October 1 Purchase rental space for one year, $25,000 5 November 17 Purchase supplies on account, $35,000 6 December 30 Pay dividends, $3,300 The following information is available on December 31, 2021 Employees are owed an additional $5,300 in salaries Three months of the rental space has expired Supplies of $6,300 remain on hand All of the services associated with the beginning deferred revenue have been performed Exercise 3 20A Part 2 2 Record the adjusting entries at the end of the year (If no entry is required for a particular transaction event, select No Journal Entry Required in the first account field Do not round intermediate calculations )

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Required information Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) Skip to

Required information

Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7)

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[The following information applies to the questions displayed below.] On January 1, 2021, 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 2021, the company had the following transactions:

1.	February	15	Issue additional shares of common stock, $33,000.
2.	May	20	Provide services to customers for cash, $48,000, and on account, $43,000.
3.	August	31	Pay salaries to employees for work in 2021, $36,000.
4.	October	1	Purchase rental space for one year, $25,000.
5.	November	17	Purchase supplies on account, $35,000.
6.	December	30	Pay dividends, $3,300.

The following information is available on December 31, 2021:

Employees are owed an additional $5,300 in salaries.
Three months of the rental space has expired.
Supplies of $6,300 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.

Exercise 3-20A Part 2

2. Record the adjusting entries at the end of the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)