Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)

[The following information applies to the questions displayed below.] The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account balances:

Accounts	Debits	Credits
Cash	$	20,000
Accounts Receivable		8,000
Supplies		4,000
Equipment		15,000
Accumulated Depreciation				$	5,000
Salaries Payable					7,500
Common Stock					25,000
Retained Earnings					9,500
Totals	$	47,000		$	47,000

The following is a summary of the transactions for the year:

1. March 12 Provide services to customers, $60,000, of which $21,000 is on account.
2. May 2 Collect on accounts receivable, $18,000.
3. June 30 Issue shares of common stock in exchange for $6,000 cash.
4. August 1 Pay salaries, $26,000 (of which $7,500 is for salaries payable in 2017).
5. September 25 Pay repairs and maintenance expenses, $13,000.
6. October 19 Purchase equipment for $8,000 cash.
7. December 30 Pay $1,100 cash dividends to stockholders.
8. Accrued salaries at year-end amounted to $1,100. Depreciation for the year on the equipment is $5,000. Office supplies remaining on hand at the end of the year equal $1,200.

rev: 09_12_2016_QC_CS-60711 References Section BreakProblem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) 8. value: 1.00 points Required information

Problem 3-8A Parts 1, 3, 6 and 10

Required:

1., 3. 6. & 10.Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts.

rev: 09_27_2016_QC_CS-63225

References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Parts 1, 3, 6 and 10Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 9. value: 1.00 points Required information

Problem 3-8A Part 2

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.)

References eBook & Resources General JournalLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 2Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 10. value: 1.00 points Required information

Problem 3-8A Part 4

4.Prepare an unadjusted trial balance.

References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 4Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 11. value: 1.00 points Required information

Problem 3-8A Part 5

5.Record adjusting entries.(If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

rev: 09_12_2016_QC_CS-60711

References eBook & Resources General JournalLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 5Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 12. value: 1.00 points Required information

Problem 3-8A Part 7

7.Prepare an adjusted trial balance.

References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 7Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 13. value: 1.00 points Required information

Problem 3-8A Part 8

8-a.Prepare the income statement for the year ended December 31, 2018.

8-b.Prepare the classified balance sheet for the year ended December 31, 2018.(Amounts to be deducted should be indicated by a minus sign.)

References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 8Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 14. value: 1.00 points Required information

Problem 3-8A Part 9

9.Record closing entries.(If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

References eBook & Resources General JournalLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 9Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work 15. value: 1.00 points Required information

Problem 3-8A Part 11

11.Prepare a post-closing trial balance.

References eBook & Resources Financial StatementsLearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries. Problem 3-8A Part 11Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance. Difficulty: 3 HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.Check my work

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