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, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, $6,500; Common Stock $65,000; and Retained Earnings, $40,000. During 2021, the company had the following transactions: Issue additional shares of common stock, 1. February 15 $35,000. 2. May Provide services to customers for cash, 20 $50,000, and on account, $45,000. 3. August Pay salaries to employees for work in 31 2021, $38,000. Purchase rental space for one year, 4. October 1 $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, 2021: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20A Part 2 Exercise 3-20A Part 2 2. Record the adjusting entries at the end of the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry for salaries on December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View gend Exercise 3-20A Part 2 2. Record the adjusting entries at the end of the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry for rent on December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View gener Exercise 3-20A Part 2 2. Record the adjusting entries at the end of the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry for supplies on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View gene Exercise 3-20A Part 2 2. Record the adjusting entries at the end of the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet