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, \$27,000; Supplies, \$9,500; Land, \$75,000; Deferred Revenue, $6,500; Common Stock $65,000; and Retained Earnings, $40,000. During 2024, the company had the following transactions: 1. Eebruary 15 Issue additional shares of common stock, $35,000. 2. May 20 Provide servicen to customers for cash, $50,000, and on account, $45,000. 3. August 31 Pay salaries to employees for work in 2024,$38,000. 4. October 1 purchase rental space for one year, $27,000. 5. November 17 purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,500 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20 (Algo) Part 5 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first ccount field.)