! Required Information Exercise 3-20A 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, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300. Land. $73,000; Deferred Revenue. $6,300: Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, 533,000. 2. May 20 Provide services to customers for cash, $48,000, and on account, $43,000. 3. August 31 Paysalaries to employees for work in 2021, $36,000. 4. October 1Purchase rental space for one year, $25,000. 5. November 17 Purchase supplies on account, $35,000. 6. December 30 Pay dividende $3,300. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,300 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,300 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed Exercise 3-20A Part 4 Income Statement Stmt of Stockholders Balance Sheet Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2021 Expenses: Total Expenses 0 Prepare a classified balance sheet. RED FLASH PHOTOGRAPHY Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current assets 0 Total current liabilities 0 Long-term assets Stockholder's Equity Total stockholders' equity 0 Total liabilities and stockholders' equity $ Total assets S