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 20 Provide services to customers for cash, $43,000, and on account, $38,000. 3. August 31 Pay salaries to employees for work in Year 1, $31,000. 4. October 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. Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, Year 1 + General Journal Debit Credit View general journal Record entry Clear entry es Journal entry worksheet < 1 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31, Year 1 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 MET Record the entry to close the dividends account. Note: Enter debits before credits. Date December 31, Year 1 General Journal Debit Credit Record entry Clear entry View general journal