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, $$21,000$; Supplies, $$8,900$;

Land, $$69,000$; Deferred Revenue, $$5,900$; Common

Stock $$59,000$; and Retained Earnings, $$34,000.$ During

$2024,$ the company had the following transactions:

February $15$

Issue additional shares of common

stock, $$29,000.$

Provide services to customers for

May $20$ cash, $$44,000,$ and on account,

$$39,000.$

August $31$ Pay salaries to employees for work

in $2024,$ $$32,000.$

October $1$ Purchase rental space for one year,

$$21,000.$

November $17$ Purchase supplies on account,

December $30$ $$31,000$

The following information is available on December $31,$

$2024$:

Employees are owed an additional $$4,900$ in salaries.

Three months of the rental space have expired.

Supplies of $$5,900$ remain on hand. All other supplies

have been used.

All of the services associated with the beginning

deferred revenue have been performed.

I need an income statment, statement of stockholders equity and balance sheet!