GL $2-10($Algo$)$ Record transactions and prepare adjusting entries, adjusted

trial balance, financial statements, and closing entries $($LO$2-3,2-4,2-5,2-6,2-$

$7,2-8)$

On January $1,2024,$ Red Flash Photography had the following balances: Cash, $$18,000$; Supplies,

$$8,600$; Land, $$66,000$; Deferred Revenue, $$5,600$; Common Stock $$56,000$; and Retained Earnings,

$$31,000.$ During $2024,$ the company had the following transactions:

February $15$ Issue additional shares of common stock, $$26,000.$

May $20$ Provide services to customers for cash, $$41,000,$ and on account, $$36,000.$

August $31$ Pay salaries to employees for work in $2024,$ $$29,000.$

October $1$ Purchase rental space for one year, $$18,000.$

November $17$ Purchase supplies on account, $$28,000.$

December $30$ Pay dividends, $$2,600.$

The following information is available on December $31,2024$:

Employees are owed an additional $$4,600$ in salaries.

Three months of the rental space have expired.

Supplies of $$5,600$ remain on hand. All other supplies have been used.

All of the services associated with the beginning deferred revenue have been performed.