Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i dont know how to find the supplies and accumlated depricarion. you have completed so far, it does not inte 3 Required information Problem 3-8A

i dont know how to find the supplies and accumlated depricarion. image text in transcribed
image text in transcribed
you have completed so far, it does not inte 3 Required information Problem 3-8A Complete the full accounting cycle (L03-3, 3-4,3-5,3-6, 3-7) The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $18,000 7,600 3,600 13,000 $ 4,200 6,280 23,000 8,800 $42,200 $42,200 The following is a summary of the transactions for the year 1. March 12 Provide services to customers, $56,000, of which $20,600 is on account. 2. May 2 Collect on accounts receivable, $17,600. 3. June 30 Issue shares of common stock in exchange for $5,000 cash 4. August 1 Pay salaries of $6,200 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,600. 6. October 19 Purchase equipment for $7,600 cash. 7. December 30 pay $1,000 cash dividends to stockholders Required information Credit RED STORM CLEANERS Adjusted Trial Balance December 31, 2021 Accounts Debit Cash $ 48,600 Accounts Receivable 10,600 Supplies 3,600 Equipment 20,600 Accumulated Depreciation Salaries Payable Common Stock 11,400 19,500 28.000 8.800 1,000 Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals 56,000 19.500 12,600 4.600 2,600 123.700 S $ 123.700

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Derive the expected mean squares shown in Table 13.10.

Answered: 1 week ago