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ANSWER THE FOLLOWING QUESTIONS IN 7 DIFFERENT JOURNAL ENTRIES CORRECTLY! Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the
ANSWER THE FOLLOWING QUESTIONS IN 7 DIFFERENT JOURNAL ENTRIES CORRECTLY!
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $15,500 Accounts Receivable 7,100 Supplies 3,100 Equipment 10,500 Accumulated Depreciation $ 3,200 5,200 Salaries Payable Common Stock 20,500 Retained Earnings 7,300 Totals $36,200 $36,200 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $51,000, of which $20,100 is on account. 2 Collect on accounts receivable, $17,100. 2. May 3. June 4. August 30 Issue shares of common stock in exchange for $6,000 cash. 1 Pay salaries of $5,200 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,100. 6. October 19 Purchase equipment for $7,100 cash. 7. December 30 Pay $1,100 cash dividends to stockholdersStep by Step Solution
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