Chapter 3 Assignment i Saved 14 1 Required information Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Red Storm Cleaners at January 1,2021, includes the following account balances: Part 6 of 8 10 points nts Debits Credits $20,00 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings 8,000 4,000 15,000 eBook Print References $ 5,000 7,500 25,000 500 $47,000 $47,000 Totals The following is a summary of the transactions for the year 1. Mareh 12 Provide services to custoners, $60,000, of which $21,000 is on account. 2. May 3. June 4August 5. September 25 Pay repairs and naintenance expenses, $13,000. 6. October 19 Purchase equipment for $8,000 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 2 Collect on accounts receivable, $18,000. 30 Issue ahares of common stock in exchange for $6,000 cash. 1 Pay salaries of $7,500 from 2020 (prior year) Problem 3-8A Part 9 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required in the account field.) Saved 30 Issue shares of common stock in exchange for $6,000 cash. 3. June 4. August 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 Pay salaries of $7,500 from 2020 (prior year). rt 6 of 8 Problem 3-8A Part 9 ints 9. Record closing entries. If no entry is required for a particular transaction/event account field.) select "No journal entry required" in the first eBook Print Vew transaction list View journal entry worksheet No Date General Journal Debit Credit December 31, No Transaction Recorded No Transaction Recorded 2021 3 December 31, No Transaction Recorded 2021 Chapter 3 Assignment i Saved 14 1 Required information Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Red Storm Cleaners at January 1,2021, includes the following account balances: Part 6 of 8 10 points nts Debits Credits $20,00 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings 8,000 4,000 15,000 eBook Print References $ 5,000 7,500 25,000 500 $47,000 $47,000 Totals The following is a summary of the transactions for the year 1. Mareh 12 Provide services to custoners, $60,000, of which $21,000 is on account. 2. May 3. June 4August 5. September 25 Pay repairs and naintenance expenses, $13,000. 6. October 19 Purchase equipment for $8,000 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 2 Collect on accounts receivable, $18,000. 30 Issue ahares of common stock in exchange for $6,000 cash. 1 Pay salaries of $7,500 from 2020 (prior year) Problem 3-8A Part 9 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required in the account field.) Saved 30 Issue shares of common stock in exchange for $6,000 cash. 3. June 4. August 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 Pay salaries of $7,500 from 2020 (prior year). rt 6 of 8 Problem 3-8A Part 9 ints 9. Record closing entries. If no entry is required for a particular transaction/event account field.) select "No journal entry required" in the first eBook Print Vew transaction list View journal entry worksheet No Date General Journal Debit Credit December 31, No Transaction Recorded No Transaction Recorded 2021 3 December 31, No Transaction Recorded 2021
