post closing entries

P3-8A The general ledger of Red Storm Cleaners at January 1, 2015, includes the following account balances: Credits Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $20,000 8,000 4,000 15,000 $ 5,000 7,500 25,000 9,500 $47,000 $47,000 The following is a summary of the transactions for the year: a. Sales of services, $60,000, of which $21,000 is on account. b. Collect on accounts receivable, $18,000. C. Issue shares of common stock in exchange for $6,000 cash. d. Pay salaries, $26,000 (of which $7,500 is for salaries payable in 2014). e. Pay repairs and maintenance expenses, $13,000. f. Purchase equipment for $8,000 cash. g. Pay $1,100 cash dividends to stockholders