where are the t-accounts charts? that literally the first part to this problem. The general...
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Accounting
where are the t-accounts charts? that literally the first part to this problem.
The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account balances:
Accounts | Debits | Credits | ||||
Cash | $ | 14,000 | ||||
Accounts Receivable | 6,800 | |||||
Supplies | 2,800 | |||||
Equipment | 16,000 | |||||
Accumulated Depreciation | $ | 5,400 | ||||
Salaries Payable | 7,900 | |||||
Common Stock | 19,000 | |||||
Retained Earnings | 7,300 | |||||
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Totals | $ | 39,600 | $ | 39,600 | ||
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The following is a summary of the transactions for the year:
- March 12 Provide services to customers, $48,000, of which $19,800 is on account.
- May 2 Collect on accounts receivable, $16,800.
- June 30 Issue shares of common stock in exchange for $5,000 cash.
- August 1 Pay salaries, $24,800 (of which $7,900 is for salaries payable in 2017).
- September 25 Pay repairs and maintenance expenses, $11,800.
- October 19 Purchase equipment for $6,800 cash.
- December 30 Pay $1,000 cash dividends to stockholders.
- Accrued salaries at year-end amounted to $1,000. Depreciation for the year on the equipment is $3,800. Office supplies remaining on hand at the end of the year equal $1,200.
1. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts.
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