Required information

Exercise $3-20($Algo$)$ Record transactions and prepare adjusting entries, adjusted trial

balance, financial statements, and closing entries $($LO$3-3,3-4,3-5,3-6,3-7)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Red Flash Photography had the following balances: Cash, $$24,000$; Supplies, $$9,200$;

Land, $$72,000$; Deferred Revenue, $$6,200$; Common Stock $$62,000$; and Retained Earnings,

During $2024,$ the company had the following transactions:

February $15$ Issue additional shares of common stock, $$32,000.$

May $20$ Provide services to customers for cash, $$47,000,$ and on account, $$42,000.$

August $31$ Pay salaries to employees for work in $2024,$ $$35,000.$

October $1$ Purchase rental space for one year, $$24,000.$

November $17$ Purchase supplies on account, $$34,000.$

December $30$ Pay dividends, $$3,200.$

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

Employees are owed an additional $$5,200$ in salaries.

Three months of the rental space have expired.

Supplies of $$6,200$ remain on hand. All other supplies have been used.

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