Required information Exercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 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, \$22,000; Supplies, \$9,000; Land, \$70,000; Deferred Revenue, \$6,000; Common Stock $60,000; and Retained Eamings, \$35,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of cornon stack, $30, eee. 2. May 20 Provide services to custoners for cash, $45,000, and on accaunt, $40,000. 3. August 31 Poy salaries to exployees for mork in 2624,$33,690. 4. October 1 Purchase rental space for one year, $22, e. 5. November 17 Purchase supplies on account, $32, eee. 6. December 36 Pay dividends, \$3,609. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,000 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,000 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 3 Recard the entry to close the revanua accounts. Note: Enter debits before credits. mote: enter aebita berore create