Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2 Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Part 2 of 8 Credits Debits
2 Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Part 2 of 8 Credits Debits $10,000 6,000 2,000 20,000 6 points Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 7,000 9,500 15,000 6,500 $38,000 $38,000 eBook The following is a summary of the transactions for the year: Ask 1. March 12 Provide services to customers, $40,000, of which $19,000 is on account. 2. May 2 Collect on accounts receivable, $16,000. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $9,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,000. 6. October 19 Purchase equipment for $6,000 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. Print References 4. Prepare an unadjusted trial balance. Credit 7,000 RED STORM CLEANERS Unadjusted Trial Balance December 31, 2021 Accounts Debit Cash $ 25,300 Accounts Receivable 9,000 Supplies 2,000 Equipment 26,000 Accumulated Depreciation $ Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals $ 62,300 $ 21,000 34,300 62,300
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started