Exercise 3-20 (Static) 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.j 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 2. May 20 Issue additional shares of common stock, $20,000. Provide services to customers for cash, $35,000, and on account, $30,000. Pay salaries to employees for work in 2024, $23,000. Purchase rental space for one year, $12,000. Purchase supplies on account, $22,000. 3. August 31 4. October 1 5. November 17 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. Exercise 3-20 (Static) Part 3 3. Prepare an adjusted trial balance.

Exercise 3-20 (Static) 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, \$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 comon stock, 520,000. 2. May 20 Provide services to custemers for cash, \$35,000, and on account, 330,000. 3. August 31 4. October 1 Pay salaries to enployees for work in 2024,523,000. Purchase rental space for one year, $12,000. 5. November 17 Purchase supplies on account, $22,000. 6. Decenber 38 Pay dividends, \$2,000. The following information is avallable 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. Exercise 320 (Static) Part 3 3. Prepare an adjusted trial balance. Required information Exercise 3-20 (Static) 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, \$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 comnon stock, $20,060. 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, $12,009. 5. Novenber 17 Purchase supplies on account, \$22,000. 6. Deceerber 30 Pay dividends, $2,000. The following information is avallable 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 hahd. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20 (Static) Part 3 3. Prepare an adjusted trial balance