(Solved): adjusted trail balance help! Required information Exercise 3-20 (Algo) Record transactions and prep ...

Required information Exercise 3-20 (Algo) 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, 2024, Red Flash Photography had the following balances: Cash, $\$30,000$; Supplies, $\$9,800$; Land, $\$78,000$; Deferred Revenue, \$6,800; Common Stock \$68,000; and Retained Earnings, \$43,000. During 2024, the company had the following transactions: 1. Tebrusry 2. May 20 3. August 31 4. October 1 5. Novesber 17 6. December 30 15 Istase additional shares of common stock, $\$38,000$. provide services to customers for eash, $\$53,000$, and on account, $\$48,000$. pay salaries to enployees for work in $2024,\$41,000$. purchase rental npace for one year, $\$30,000$. purchase supplies on account, $\$40,000$. pay dividends, $\$3,800$. The following information is avallable on December 31, 2024: 1. Employees are owed an additional $\$5,800$ in salaries. 2. Three months of the rental space have expired. 3. Supplies of $\$6,800$ remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20 (Algo) Part 3 3. Prepare an adjusted trial balance.