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: Debits Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings $20,000 8,000 4,000 15,000 $ 5,000 7,500 25,000 57 Totals $47,000 $47,000 The following is a summary of the transactions for the year: 1. March 2. Hay 3. June 12 Provide services to customers, $60,000, of which $21,000 is on account. 2 Collect on accounts receivable, $18,000 30 Issue shares of common stoek in exehange for $6,000 cash 4. August lPay salaries of $7,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $13,000 6. October 19 Purchase equipment for $8,000 cash. 7. Decenber 30 Pay $1,100 cash dividends to stockholders. 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: Debits Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings $20,000 8,000 4,000 15,000 $ 5,000 7,500 25,000 57 Totals $47,000 $47,000 The following is a summary of the transactions for the year: 1. March 2. Hay 3. June 12 Provide services to customers, $60,000, of which $21,000 is on account. 2 Collect on accounts receivable, $18,000 30 Issue shares of common stoek in exehange for $6,000 cash 4. August lPay salaries of $7,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $13,000 6. October 19 Purchase equipment for $8,000 cash. 7. Decenber 30 Pay $1,100 cash dividends to stockholders