53,400 for cash is incorrect, so is 4,000 for supplies

Credits Debits $ 20,000 8,000 4,000 15,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 5,000 7,500 25,000 9,500 $ 47,000 $ 47,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $60,000, of which $21,000 is on account. 2. May 2 Collect on accounts receivable, $18,000. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $7,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $13,000. 6. October 19 Purchase equipment for $8,000 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 1. Prepare a post-closing trial balance. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Debit Credit 11,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation 23,000 Common Stock 31,000 Retained Earnings Totals $ 34,000 $ 31,000