1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-10).
3. Review the adjusted 'Trial Balance' as of December 31, 2021.
4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab.
5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.
6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13).
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The general ledger of Red Storm Cleaners at January 1, 2021, Includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Connon Stock Retained Earnings Totals Debits Credits $15, eee 7.ee 3,600 10,eee $ 3,00 5,eee 20,000 7,600 $35,000 $35,888 The following is a summary of the transactions for the year. 1. March 12 Provide services to customers, $50, eee, of which $20,880 is on account. 2. May 2 Collect on accounts receivable, $17,889. 3. June 30 Issue shares of common stock in exchange for $5,888 cash. 4. August 1 Pay salaries of $5,889 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,eee. 6. October 19 Purchase equipment for $7,eee cash. 7. December 30 Pay $1,880 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued salarles at year-end amounted to $21,000. Depreciation for the year on the equipment is $4,000. Office supplies remaining on hand at the end of the year equal $1.000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-10). 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13). Prepare the journal entries for transactions. T no entry is required for transaction/event, select No journal entry required in the first account field.) View transaction lat Journal entry worksheet 1 5 8 7 8 .. 13 > Record the adjusting entry for salaries. Note: Enter debits before credits General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction Mat Journal entry worksheet 1 7 8 9 13 > Record the adjusting entry for depreciation. Note: Enter debits before credits General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal Record the adjusting entry for supplies remaining on hand at the end of the year equal to $1,000 Note: Enter debits before credits General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal CH 0 G Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction Mat Journal entry worksheet
