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Required information The general ledger of Red Storm Cleaners at January 1, 2021, Includes the following account balances: Accounts Debits Credits Cash $17,500 Accounts Receivable 7,500 Supplies 3,500 Equipment 12,500 Accumulated Depreciation $ 4,000 Salaries 6,000 Payable Common Stock 22,500 Retained Earnings 8,500 Totals $41,000 $41,000 The following is a summary of the transactions for the year 1. March 12 Provide services to customers, $55,000, of which $20,500 is on account. 2 Collect on accounts receivable, $17,509. 3. June 30 Issue shares of common stock in exchange for $4,088 cash. 4. August 1 Pay salaries of $6,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,500. 6. October 19 Purchase equipment for $7,500 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. 2. May 7. Prepare an adjusted trial balance Credit RED STORM CLEANERS Adjusted Trial Balance December 31, 2021 Accounts Debit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salones Payable Common Stock Retained Earnings Dividends Service Ravenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Suppies Expense Totals Required information The general ledger of Red Storm Cleaners at January 1, 2021, Includes the following account balances Accounts Debits Credits Cash $17,500 Accounts Receivable 7,500 Supplies 3,500 Equipment 12,500 Accumulated Depreciation $ 4,000 Salaries Payable 6,000 Common Stock 22,500 Retained Earnings 8,500 Totals $41,000 $41,000 The following is a summary of the transactions for the year. 1. March 12 Provide services to customers, $55,000, of which $20,500 is on account. 2 Collect on accounts receivable, $17,500. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $6,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,500. 6. October 19 Purchase equipment for $7,500 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. 2. May 8-0. Prepare the income statement for the year ended December 31, 2021 RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Expenses Total expenses 8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) RED STORM CLEANERS Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities: Stockholders' Equity Total Current Assets Long-term assets: Total Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity