answer of required no 1

. P3-8A The general ledger of Red Storm Cleaners at January 1, 2015, includes the following account balances: Credits Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $20,000 8,000 4,000 15,000 $ 5,000 7,500 25,000 9,500 $47,000 $47,000 The following is a summary of the transactions for the year: a. Sales of services, $60,000, of which $21,000 is on account. b. Collect on accounts receivable, $18,000. c. Issue shares of common stock in exchange for $6,000 cash. d. Pay salaries, $26,000 (of which $7,500 is for salaries payable in 2014). e. Pay repairs and maintenance expenses, $13,000. f. Purchase equipment for $8,000 cash. g. Pay $1,100 cash dividends to stockholders. Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. In addition to the accounts shown, the company also has accounts for Dividends, Service Revenue, Salaries Expense, Repairs and Maintenance Expense, Depreciation Expense, and Supplies Expense