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Problem 3-8A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Black Cloud Cleaners at January 1, 2024, Includes
Problem 3-8A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Black Cloud Cleaners at January 1, 2024, Includes the following account balances: The following is a summary of the transactions for the year: 1. Mareh 12 Provide nervices to custoners, $43,000, of which $19,300 in on account. 2. May 2 Collect on accounti rocelvable, $16,300. 3. June 30 Iasue shares of contion atook in exchange for 54,000canh. 4. Auguat 1 Pay aalaries of $5,900 fron 2023 (prior year). 5. Soptember 25 Pay repairs and maintenance expenses, 611,300. 6. October i9 Purchase equipent for $6,300 cash. 7. Decenber 30 ray $1,200 canh dividends to stookholders. Required: 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,700. Depreciation for the year on the equipment is $3,300. Office supplies remaining on hand at the end of the year equal $1,100. 7. Prepare an adjusted trial balance. 8-a. Prepare the income statement for the year ended December 31, 2024. 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. 9. Record closing entries. 1., 3., 6., \& 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 11. Prepare a post-closing trial balance
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