$17.000 7,400 3,400 12,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,800 5,800 22,000 8,200 $39,800 $39,800 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $54,000, of which $20,400 is on account. 2. May 2 Collect on accounts receivable, $17,400. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $5,800 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,400. 6. October 19 Purchase equipment for $7,400 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 7. Prepare an adjusted trial balance. RED STORM CLEANERS Adjusted Trial Balance December 31, 2021 Debit Credit Accounts Cash Accounts Receivablo Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supples Expense Totals $ 0$ Credits Debits $17,000 7,400 3,400 12,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,800 5,800 22.000 8.200 $39,800 $39,800 The following is a summary of the transactions for the year. 1. March 12 Provide services to customers, $54,000, of which $20,400 is on account. 2. May 2 Collect on accounts receivable, $17,400. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $5,800 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,400. 6. October 19 Purchase equipment for $7,400 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 8-a. 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 0 Credits Debits $17,000 7,400 3,400 12,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,800 5,800 22,000 8,200 $39,800 $39,800 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $54,000, of which $20,400 is on accour 2. May 2 Collect on accounts receivable, $17,400. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $5,800 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,400. 6. October 19 Purchase equipment for $7,400 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 jour account field.) View transaction list Journal entry worksheet www 7.400 3,400 12.000 Accounts Receivable Supplies quipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,000 5,000 22.000 8,200 $39,800 $39,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $54,000, of which $20,400 is on account. 2. May 2 Collect on accounts receivable, $17,400. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $5,800 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,400. 6. October 19 Purchase equipment for $7,400 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 11. Prepare a post-closing trial balance. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit $ 0 $ 0 Totals YouTube Maps Community - INVA... Saved The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $54,000, of which $20,400 is on account. 2. May 2 Collect on accounts receivable, $17,400. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $5,800 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,400. 6. October 19 Purchase equipment for $7,400 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 2. Record each of the summary transactions listed above. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 March 12 Cash 33,600 20,400 Accounts Receivable Service Revenue 54,000 2 2 May 02 17,400 Cash Accounts Receivable 17.400 June 30 6,000 Cash Common Stock 6,000 4 August 01 5,800 Salaries Payable Cash 5,800 5 September 25 12,400 Repairs and Maintenance Expense Cash 12,400 6 October 19 7,400 Equipment Cash 7,400 7 December 30 1,100 Dividends Cash 1.100 14 VUU Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,800 5,800 22.000 8,200 $39,800 $39,800 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $54,000, of which $20,400 is on account. 2. May 2 Collect on accounts receivable, $17,400. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $5,800 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,400. 6. October 19 Purchase equipment for $7,400 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 4. Prepare an unadjusted trial balance. RED STORM CLEANERS Unadjusted Trial Balance December 31, 2021 Accounts Debit Credit Cash $ 57,500 Accounts Receivable 10,400 Supplies 3,400 Equipment 12.000 Accumulated Depreciation $ 3,800 Salaries Payable Common Stock 16,000 Retained Earnings 8.200 Dividends 1,100 Service Revenue 54,000 Salaries Expense Repairs and Maintenance Expense 12,400 Depreciation Expense Supplies Expense Totals $ 96,800 $ 82,000 The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $17,000 7.400 3,400 12,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,800 5,800 22.000 B. 200 $39,800 $39,800 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $54,000, of which $20,400 is on account. 2. May 2 Collect on accounts receivable, $17,400. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $5,800 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,400. 6. October 19 Purchase equipment for $7,400 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equip Office supplies remaining on hand at the end of the year equal $1,200. (If no entry is required for a particular transacti select "No journal entry required" in the first account field.) Answer is complete and correct. General Journal No Date Debit Credit 1 19,600 December 31, 202 Salaries Expense Salaries Payable > > 19,600 2 4,400 December 31, 202 Depreciation Expense Accumulated Depreciation 4,400 3 2,200 December 31, 202 Supplies Expense Supplies 2,200