Required information [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000; Deferred Revenue, $5,500; Common Stock $55,000; and Retained Earnings, $30,000. During 2021, 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 2021, $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, 2021: 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. Required: 1. Record the transactions that occurred during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the issuance of additional shares of common stock, $25,000. 2 Record the entry for services provided to customers for cash, $40,000, and on account, $35,000. 3 Record the salaries paid to employees for work in 2021, $28,000. Credit 4 Record the purchase of rental space for one year, $17,000. 5 Record the purchase of supplies on account, $27,000. 6 Record the payment of dividends, $2,500. Note : = journal entry has been entered