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) (GL) On January 1, 2021, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100: Common Stock $51,000; and Retained Earnings, $26,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $21,000. 2. May 20 Provide services to customers for cash, $36,000, and on account, $31,000. 3. August 31 Pay salaries to employees for work in 2021, $24,000. 4. October 1Purchase rental space for one year, $13,000. 5. November 17 Purchase supplies on account, $23,000. 6. December 30 Pay dividends, $2,100. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,100 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,100 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 Revenues: Total Revenue Expenses: Total Expenses RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Period Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity $ (2,100) (2,100) (2,100) (2,100) $ 0 $ $