Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Journal entry worksheet Note: Enter debits before credits. On January 1, 2024, Red Flash Photography had the following balances: Cash, \\( \\$ 12,000 \\); Supplies, \\( \\$ 8,000 \\); Land, \\( \\$ 60,000 \\); Deferred Revenue, \\$5,000; Common Stock \\( \\$ 50,000 \\); and Retained Earnings, \\$25,000. During 2024 , the company had the following transactions: 1. February 15 Issue additional shares of common stock, \\( \\$ 20,000 \\). 2. May 20 Provide services to customers for cash, \\( \\$ 35,000 \\), and on account, \\( \\$ 30,000 \\). 3. August 31 Pay salaries to employees for work in \\( 2024, \\$ 23,000 \\). 4. October 1 Purchase rental space for one year, \\( \\$ 12,000 \\). 5. November 17 Purchase supplies on account, \\( \\$ 22,000 \\). 6. December 30 Pay dividends, \\( \\$ 2,000 \\). The following information is available on December 31, 2024: 1. Employees are owed an additional \\( \\$ 4,000 \\) in salaries. 2. Three months of the rental space have expired. 3. Supplies of \\( \\$ 5,000 \\) remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the year ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2024, in the 'Income Statement' tab. 6. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab. On January 1, 2024, Red Flash Photography had the following balances: Cash, \\( \\$ 12,000 \\); Supplies, \\( \\$ 8,000 \\); Land, \\( \\$ 60,000 \\); Deferred Revenue, \\( \\$ 5,000 \\); Common Stock \\( \\$ 50,000 \\); and Retained Earnings, \\( \\$ 25,000 \\). During 2024 , the company had the following transactions: 1. February 15 Issue additional shares of common stock, \\( \\$ 20,000 \\). 2. May 20 Provide services to customers for cash, \\( \\$ 35,000 \\), and on account, \\( \\$ 30,000 \\). 3. August 31 Pay salaries to employees for work in \\( 2024, \\$ 23,000 \\). 4. October 1 Purchase rental space for one year, \\( \\$ 12,000 \\). 5. November 17 Purchase supplies on account, \\( \\$ 22,000 \\). 6. December 30 Pay dividends, \\( \\$ 2,000 \\). The following information is available on December 31, 2024: 1. Employees are owed an additional \\( \\$ 4,000 \\) in salaries. 2. Three months of the rental space have expired. 3. Supplies of \\( \\$ 5,000 \\) remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select \"No Journal Entry Required\" in the first account field.)