70.2K

Verified Solution

Link Copied!

The general ledger of Red Storm Cleaners at January 1, 2021, Includes the following account balances: Accounts Cash Accounts Receivable Debits Credits $15,500 7,100 Supplies 3,100 Equipment 10,500 Accumulated Depreciation $ 3,200 Salaries Payable Common Stock Retained Earnings Totals 5,200 20,500 7,300 $36,200 $36,200 The following is a summary of the transactions for the year: 1. March 2. May 3. June 4. August 12 Provide services to customers, $51,000, of which $20,100 is on account. 2 Collect on accounts receivable, $17,100. 30 Issue shares of common stock in exchange for $6,000 cash. 1 Pay salaries of $5,200 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,100. 6. October 19 Purchase equipment for $7,100 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet < 1 2 3 Record the closing entry for revenue. Note: Enter debits before credits. Date December 31, 2021 General Journal + Debit Credit Record entry Clear entry View general journal Journal entry worksheet 3 Record the closing entry for expenses. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 2 Record the closing entry for cash dividends. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general Journal

Answer & Explanation Solved by verified expert

See Answer