Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $24,000 $ 2,400 44,000 5,400 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,400 5,400 2,400 10,400 4,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 December 31 Salaries Expense X X 4,100% Salaries Payable 4,100X 2 3,250% December 31 Rent Expense Prepaid Rent X 3,250 3 December 31 Deferred Revenue x 26,000 X Service Revenue 26,000 2. Calculate the ending balance of Retained Earnings. Answer is complete and correct. Retained $ 34,000 earnings 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) [The following information applies to the questions displayed below.) On January 1, 2021, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained Earnings, $26,000. During 2021, the company had the following transactions: 2. May 1. February 15 Issue additional shares of common stock, $21,000. 20 Provide services to customers for cash, $36,000, and on account, $31,000. 3. August 31 Pay salaries to employees for work in 2021, $24,000. 4. October 1 Purchase rental space for one year, $13,000. 5. November 17 Purchase supplies on account, $23,000. 6. December 30 Pay dividends, $2,100. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,100 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,100 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20A Part 5 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 December 31 Salaries Expense 4,100% X X Salaries Payable 4,100 2 x 3,250x December 31 Rent Expense Prepaid Rent X 3,250 3 December 31 Deferred Revenue X 26,000 X Service Revenue x 26,000