Required information [The following information applies to the questions displayed below.] On January 1, 2018, Red Flash Photography had the following balances: Cash $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; Retained Earnings, $35,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $30,000. 2. May 20 Provide services to customers for cash, $45,000, and on account, $40,000. 3. August 31 Pay salaries to employees for work in 2018, $33,000. 4. October 1 Purchase rental space for one year, $22,000. 5. November 17 Purchase supplies on account, $32,000. 6. December 30 Pay dividends, $3,000. The following information is available on December 31, 2018: 1. Employees are owed an additional $5,000 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,000 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Required information [The following information applies to the questions displayed below.] On January 1, 2018, Red Flash Photography had the following balances: Cash $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; Retained Earnings, $35,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $30,000. 2. May 20 Provide services to customers for cash, $45,000, and on account, $40,000. 3. August 31 Pay salaries to employees for work in 2018, $33,000. 4. October 1 Purchase rental space for one year, $22,000. 5. November 17 Purchase supplies on account, $32,000. 6. December 30 Pay dividends, $3,000. The following information is available on December 31, 2018: 1. Employees are owed an additional $5,000 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,000 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed