Required information [The following information applies to the questions displayed below.) On January 1, 2018, Red Flash Photography had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000; Deferred Revenue, $5,500; Common Stock $55,000; Retained Earnings, $30,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,000. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2018, $28,000. 4. October 1 Purchase rental space for one year, $17,000. 5. November 17 Purchase supplies on account, $27,000. 6. December 30 Pay dividends, $2,500. The following information is available on December 31, 2018 1. Employees are owed an additional $4,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,500 remain on hand, 4. All of the services associated with the beginning deferred revenue have been performed. 4. Prepare an Income statement, statement of stockholders' equity, and classified balance sheet. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2018 Expenses: Required information [The following information applies to the questions displayed below.) On January 1, 2018, Red Flash Photography had the following balances: Cash. $17,000; Supplies, $8,500; Land, $65,000 Deferred Revenue, $5,500; Common Stock $55,000; Retained Earnings, $30,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,000. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2018, $28,000. 4. October 1 Purchase rental space for one year, $17,000. 5. November 17 Purchase supplies on account, $27,000. 6. December 30 Pay dividends, $2,500. The following Information is available on December 31, 2018: 1. Employees are owed an additional $4,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. 5. Prepare closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts