Answer to #1
Answer to #3
Answer to #6 (Still missing a part)
Please help... All entries that I currently have on the T-accounts are correct, but I am not sure what I am missing or doing wrong because it's saying part of my answer is missing and is incomplete.
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Debits Credits Accounts Cash $17,000 Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings 7,400 3,400 12,000 3,800 5,800 22,000 8,200 $39,800 Totals $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 Collect on accounts receivable, $17,400 30 Issue shares of common stock in exchange for $6,000 cash 1 Pay salaries of $5,800 from 2020 (prior year) 2. May 3. June 4. August 5. September 25 Pay repairs and maintenance expenses, $12,400 6. October 7. December 19 Purchase equipment for $7,400 cash 30 Pay $1,100 cash dividends to stockholders. Required: 1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable 17,000 Beg. Bal Beg. Bal 7,400 March 12 5,800 August 01 March 12 17.400 May 02 33,600 20,400 May 02 June 30 12.400 September 25 17.400 7,400 October 19 6,000 1,100 December 30 End. Bal. 47,300 End. Bal 10,400 Supplies Equipment Beg. Bal. Beg. Bal. 3,400 12,000 October 19 7,400 End. Bal 19,400 3,400 End. Bal. Accumulated Depreciation Salaries Payable g. Bal. 3,800 Beg. Bal. 5,800 August 01 5,800 End. Bal. 3,800 End. Bal 0 Retained Earnings Common Stock Beg. Bal Beg. Bal. 22,000 8,200 6,000 June 30 December 31 1,100 28,000 End. Bal 7,100 End. Bal. Service Revenue Dividends Beg. Bal Beg. Bal. December 31 54,000 March 12 December 30 1,100 1,100 December 31 54,000 End. Bal 0 0 End. Bal. Salaries Expense Repairs and Maintenance Expense Beg. Bal. Beg. Bal. September 25 12,400 December 31 12,400 End. Bal. End. Bal Depreciation Expense Supplies Expense Beg. Bal. Beg. Bal. End. Bal End. Bal. Date General Journal Debit Credit March 12 Cash 33,600 Accounts Receivable 20,400 Service Revenue 54,000 May 02 Cash 17,400 Accounts Receivable 17,400 June 30 Cash 6,000 Common Stock 6,000 August 01 Salaries Payable 5,800 Cash 5,800 Repairs and Maintenance Expense September 25 12,400 Cash 12,400 Equipment October 19 7,400 7,400 Cash December 30 Dividends 1,100 Cash 1,100 Date General Journal Debit Credit December 31, 202 Salaries Expense 19,600 Salaries Payable 19,600 December 31, 202 Depreciation Expense 4,400 Accumulated Depreciation 4,400 December 31, 202 Supplies Expense 2,200 Supplies 2,200 Date General Journal Debit Credit December 31, 202 Service Revenue 54,000 Retained Earnings 54,000 December 31, 202 Retained Earnings 12,400 Repairs and Maintenance Expense 12,400 December 31, 202 Retained Earnings 1,100 Dividends 1,100 Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Debits Credits Accounts Cash $17,000 Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings 7,400 3,400 12,000 3,800 5,800 22,000 8,200 $39,800 Totals $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 Collect on accounts receivable, $17,400 30 Issue shares of common stock in exchange for $6,000 cash 1 Pay salaries of $5,800 from 2020 (prior year) 2. May 3. June 4. August 5. September 25 Pay repairs and maintenance expenses, $12,400 6. October 7. December 19 Purchase equipment for $7,400 cash 30 Pay $1,100 cash dividends to stockholders. Required: 1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable 17,000 Beg. Bal Beg. Bal 7,400 March 12 5,800 August 01 March 12 17.400 May 02 33,600 20,400 May 02 June 30 12.400 September 25 17.400 7,400 October 19 6,000 1,100 December 30 End. Bal. 47,300 End. Bal 10,400 Supplies Equipment Beg. Bal. Beg. Bal. 3,400 12,000 October 19 7,400 End. Bal 19,400 3,400 End. Bal. Accumulated Depreciation Salaries Payable g. Bal. 3,800 Beg. Bal. 5,800 August 01 5,800 End. Bal. 3,800 End. Bal 0 Retained Earnings Common Stock Beg. Bal Beg. Bal. 22,000 8,200 6,000 June 30 December 31 1,100 28,000 End. Bal 7,100 End. Bal. Service Revenue Dividends Beg. Bal Beg. Bal. December 31 54,000 March 12 December 30 1,100 1,100 December 31 54,000 End. Bal 0 0 End. Bal. Salaries Expense Repairs and Maintenance Expense Beg. Bal. Beg. Bal. September 25 12,400 December 31 12,400 End. Bal. End. Bal Depreciation Expense Supplies Expense Beg. Bal. Beg. Bal. End. Bal End. Bal. Date General Journal Debit Credit March 12 Cash 33,600 Accounts Receivable 20,400 Service Revenue 54,000 May 02 Cash 17,400 Accounts Receivable 17,400 June 30 Cash 6,000 Common Stock 6,000 August 01 Salaries Payable 5,800 Cash 5,800 Repairs and Maintenance Expense September 25 12,400 Cash 12,400 Equipment October 19 7,400 7,400 Cash December 30 Dividends 1,100 Cash 1,100 Date General Journal Debit Credit December 31, 202 Salaries Expense 19,600 Salaries Payable 19,600 December 31, 202 Depreciation Expense 4,400 Accumulated Depreciation 4,400 December 31, 202 Supplies Expense 2,200 Supplies 2,200 Date General Journal Debit Credit December 31, 202 Service Revenue 54,000 Retained Earnings 54,000 December 31, 202 Retained Earnings 12,400 Repairs and Maintenance Expense 12,400 December 31, 202 Retained Earnings 1,100 Dividends 1,100
