value 50.00 points On January 1, 2018, 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 2018, the company had the following transactions 1. February 15 Issue additional shares of common stock, $20,000 2. May 3. August 31 Pay salaries to employees for work in 2018, $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 20 Provide services to customers for cash, $35,000, and on account, $30,000 The following information is available on December 31, 2018 1. Employees are owed an additional $4,000 in salaries. 2. Three months of the rental space has expired 3. Supplies of $5,000 remain on hand All of the services associated with the beginning deferred revenue have been performed Requirement General Journal General Trial Balance Income | | danges in Balance Ledger SE Sheet Liabi lities + Equity. Each asset and liability account is reported The balance sheet is the accounting equation: Assets separately on the balance sheet. Adjusted Red Flash Photography Balance Sheet December 31. 2018 Liabilities Assets Current liabilities Current assets 60,000