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) [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, \$15,000; Supplies, \$8,300; Land, \$63,000; Deferred Revenue, \$5,300; Common Stock \$53,000; and Retained Earnings, \$28,000. During 2024, the company had the following transactions: 1. February 15 2. May 20 3. August 31 4. October 1 5. November 17 6. December 30 Issue additional shares of common stock, $23,000. Provide services to customers for cash, $38,000, and on account, $33,000. Pay salaries to employees for work in 2024, $26,000. Purchase rental space for one year, $15,000. Purchase supplies on account, $25,000. Pay dividends, $2,300. The following information is available on December 31, 2024: 1. Employees are owed an additional $4,300 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,300 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20 (Algo) Part 4 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet