Required information Exercise 3-20B 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, Year 1, a company had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800: Common Stock $58,000; and Retained Earnings. $33,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $28,000. 2. May 3. August 4. October 20 Provide services to customers for cash, $43,000, and on account, $38,000. 31 Pay salaries to employees for work in Year 1, $31,000. 1 Purchase rental space for one year, $20,000. 5. November 17 Purchase supplies on account, $30,000. 6. December 30 Pay dividends, $2,800. The following information is available on December 31, Year 1: 1. Employees are owed an additional $4,800 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,800 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. 3. Prepare an adjusted trial balance. es Adjusted Trial Balance December 31, Year 1 Accounts Debit Cash $ Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Supplies Expense Rent Expense Totals 20,000 Credit EA 20,000 $ 0