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, $$15,000$; Supplies, $$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:

February $15$ Issue additional shares of common stock, $$23,000.$

May $20$ Provide services to customers for cash, $$38,000,$ and on

August $31$ account, $$33,000.$

October $1$ Purchase rental space for one year, $$15,000.$

November $17$ Purchase supplies on account, $$25,000.$

December $30$ Pay dividends, $$2,300.$

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

Employees are owed an additional $$4,300$ in salaries.

Three months of the rental space have expired.

Supplies of $$5,300$ remain on hand. All other supplies have been used.

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

Requirement

General

General

Trial Balance

Income

Statement of

Journal

Ledger

Statement

SE

Record each of the transactions listed above in the 'General Journal' tab. Review the $\text{'}$

Balance' tabs to see the effect of the transactions on the account balances.

$2.$ Record the adjusting entries in the 'General Journal' tab.

Review the adjusted 'Trial Balance' as of December $31,2024.$

$.$ Prepare an income statement for the year ended December $31,2024,$ in the 'Income

Prepare the statement of Stockholder's Equity for the year ended December $31,202$

$.$ Prepare a classified balance sheet as of December $31,2024$ in the 'Balance Sheet' to

Record the closing entries in the 'General Journal' tab.

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, $$15,000$; Supplies, $$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:

February $15$ Issue additional shares of common stock, $$23,000.$

May $20$ Provide services to customers for cash, $$38,000,$ and on account, $$33,000.$

August $31$ Pay salaries to employees for work in $2024,$$$26,000.$

October $1$ Purchase rental space for one year, $$15,000.$

November $17$ Purchase supplies on account, $$25,000.$

December $30$ Pay dividends, $$2,300.$

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

Employees are owed an additional $$4,300$ in salaries.

Three months of the rental space have expired.

Supplies of $$5,300$ remain on hand. All other supplies have been used.

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

General

General

Trial Balance

Income

Statement of

Balan

Journal

Ledger

Statement

SE

$-$

Prepare the journal entries for transactions.

Note: If no entry is required for a particular transaction$/$event$,$ select $"$No journal entry rec

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$13$

Record the issuance of additional shares of common stock, $$23,000.$

Note: Enter debits before credits.