Required information [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $31,000; Supplies, $9,900; Land, $79,000; Deferred Revenue, $6,900; Common Stock $69,000; and Retained Earnings, $44,000. During 2024, the company had the following transactions: 1. February 15 2. May 20 Issue additional shares of common stock, $39,000. Provide services to customers for cash, $54,000, and on account, $49,000. Pay salaries to employees for work in 2024, $42,000. 3. August 31 4. October 1 5. November 17 6. December 30 Purchase rental space for one year, $31,000. Purchase supplies on account, $41,000. Pay dividends, $3,900. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,900 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,900 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the firs account field.)

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is