Time remaining: 3:32:40 Exercise 3-20B Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (L03-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.) On January 1, 2018, Red Flash Photography had the following balances: Cash, $17,000: Supplies, $8,500, Land, $65,000, Deferred Revenue, $5,500; Common Stock $55,000; Retained Earnings, $30,000. During 2018, the company had the following transactions 1. Issue additional shares of common stock, $25,000 2. Provide services to customers for cash, $40,000, and on account, $35,000. 3. Pay salaries to employees for work in 2018, $28,000 4. Purchase rental space for one year, $17,000. 5. Purchase supplies on account, $27,000 6. Pay dividends, $2,500 The following information is available on December 31, 2018 1. Employees are owed an additional $4,500 in salaries. 2. Three months of the rental space has expired 3. Supplies of $5,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. References 7:58 PM