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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, $$32,000$; Supplies, $$10,000$; Land, $$80,000$; Deferred Revenue, $$7,000$; Common Stock $$70,000$; and Retained Earnings, $$45,000.$ During $2024,$ the company had the following transactions:

February $15$ Issue additional shares of common stock, $$40,000.$

May $20$ Provide services to customers for cash, $$55,000,$ and on account, $$50,000.$

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

October $1$ $$43,000.$

November $17$ Purchase supplies on account, $$42,000.$

December $30$ Pay dividends, $$4,000.$

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

Employees are owed an additional $$6,000$ in salaries.

Three months of the rental space have expired.

Supplies of $$7,000$ remain on hand. All other supplies have been used.

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

Exercise $3-20($Algo$)$ Part $1$

Required:

Record the transactions that occurred during the year. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$