Question: Can I please have some help on this? Exercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries






Exercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3,3-4, 3-5, 3-6, 3-7) (GL) On January 1, 2024, Red Flasi, Photography had the following balances: Cash, \$22,000; Supplies, \$9.000; Land, $70,000;, Defetred Revenue, \$6.000; Common Stock $60.000; and Retoined Earnings, \$35,000. During 2024, the company had the following transactions: 1. Yebruary is iseve additional ehares of comeon stoek, s30,000. 2. May 20 Pravide oervices to custcoers for eash, 845 . poo, and on account, 540,000. 3. Anguant 31 Pay aalarien to eaployeen for work in 2024,$33,000. 4. October 1 Purebabe renta1 "pace for one year, $22,060. 5. Novenbar 17 Purebase suppilies on account, 332,000 . 6. Deceaber 30 Pay dividenda, 13,000 . The following information is available on December 31,2024 : 1. Employees are owed an additional $5.000 in salaries. 2. Three months of the rental space have expired: 3. Supplies of $6.000 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Cnoose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. (Include all balance sheet accounts, even those with zero balances.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Note: Enter debits before credits, Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or p will appear for each account, based on your selection. Using the dropdown buttons, select the item that accurately describes the values that either increase or decre: indicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your sele
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