Cheday we Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $12,500 Accounts Receivable 6,500 Supplies 2.500 Equipment 17,500 Accumulated Depreciation $ 6,000 Salaries Payable 8,500 Common Stock 17,500 Retained Earnings 7,000 Totals $39,000 $39,000 The following is a summary of the transactions for the year 1. March 12 Provide services to customers, $45,000, of which $19, see is on account. 2. May 2 Collect on accounts receivable, $16,500. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $8,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,500. 6. October 19 Purchase equipment for $6,5ee cash. 7. December 30 Pay 51, ese cash dividends to stockholders. 2. Record each of the summary transactions listed above. (if no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) Help No Date General Journal 1 March 12 Accounts Receivable Debit Credit Cash 19,500 Service Revenue 2 May 02 45,000 Cash Accounts Payable 16,500 16,500 3 June 30 Cash Common Stock 5,000 5,000 4 August 01 Salaries Payable Salaries Expense Cash 8,500 16.000 24,500 5 September 25 Repairs and Maintenance Expense Cash 11,500 11,500 6 October 19 6,500 Equipment Cash 6.500 7 December 30 1,000 Dividends Cash 1,000 Credit RED STORM CLEANERS Unadjusted Trial Balance December 31, 2021 Accounts Debit Cash $ 16,000 Accounts Receivable 9,500 Supplies 2,500 Equipment 24,000 Accumulated Depreciation $ Salaries Payable Common Stock Retained Earnings Dividends 1,000 Service Revenue Salaries Expense 16,000 Repairs and Maintenance Expense 11,500 Depreciation Expense o Supplies Expense 0 Totals $ 80,500 $ 6,000 0 22,500 7,000 45,000 80,500 Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $12,500 Accounts Receivable 6,500 Supplies 2,500 Equipment 17,500 Accumulated Depreciation $ 6,000 Salaries Payable 8,500 Common Stock 17,500 Retained Earnings 7,000 Totals $39,000 $39,880 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $45,000, of which $19,500 is on account. 2. May 2 Collect on accounts receivable, $16,500. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $8,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,500. 6. October 19 Purchase equipment for $6,500 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,500. Depreciation for the year on the equipment is $3,500. Office supplies remaining on hand at the end of the year equal $1,200. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the adjusting entry for salaries. Accrued salaries at year-end amounted to $19,500. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for depreciation, $3,500. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal Journal entry worksheet
