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GL2-10 Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and On January 1, 2021, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred Revenue, \$5,000; Common Stock \$50,000; and Retained Earnings, \$25,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of con=on stock, $20,000. 2. May 20 Provide services to custoners for cash, 535,800 , and on account, 530,000 . 3. August 31 Pay salaries to eeployees for mork in 2021,523,090. 4. October 1 Paid for one year's rent in advance, $12,000. 5. Novenber 17 Purchase supplies on account, $22, eav. 6. Decenber 30 Pay dividends, 52,0e0. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,000 in salaries: 2. Three months of the rental space has expired. 3. Supplies of $5,000 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-ciosing balances Will appear for each account, based on your selection. 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the year ended December 31, 2021, in the 'Income Statement' tab. 5. Prepgre the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab. 6. Preptre a classified balance sheet as of December 31,2021 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab