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 $15,000, Supplies, $8,300, Land, $63,000: Deferred Revenue, $5,300, Common Stock $53,000; and Retained Earnings. $28.000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $23,000. 2. May 20 Provide services to customers for cash, $38,000, and on account, $33,000. 3. August 31 Pay salaries to employees for work in 2021, $26,000. 4. October 1 Purchase rental space for one year. $15,000. 5. November 17 Purchase supplies on account, $25,000. 6. December 30 Pay dividends, $2,300. The following information is available on December 31, 2021 1. Employees are owed an additional $4,300 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,300 remain on hand, 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20A Part 2 Journal entry worksheet 1 2 3 4 Record the adjusting entry for salaries on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal