Required:
1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.
! Required Information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $12,500 Accounts Receivable Supplies 2,500 Equipment 17,5ee Accumulated Depreciation $ 6,080 Salaries Payable 8,500 Common Stock 17,580 Retained Earnings 7,080 Totals $39, eee $39,980 6,5ee The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $45,00, of which $19,5ee is on account. 2. May 2 Collect on accounts receivable, $16,5ce. 3. June 30 Issue shares of common stock in exchange for $5,eee cash. 4. August 1 Pay salaries of $8,589 from 2029 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,580. 6. October 19 Purchase equipment for $6,500 cash. 7. December 30 Pay $1,800 cash dividends to stockholders. Required: 1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable Beg Bal. Beg. Bal. June 30 August 01 September 25 End. Bal. End. Bal. 0 Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accumulated Depreciation Salaries Payable Beg Bal. Beg. Bal End. Bal. End. Bal. Common Stock Retained Earnings Beg Bal. Beg Bal End. Bal. 0 End. Bal. Service Revenue Dividends Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Expense Repairs and Maintenance Expense Beg Bal. Beg. Bal. End. Bal. 0 End. Bal. Depreciation Expense Supplies Expense Beg. Bal. Beg. Bal End. Bal. 0 End. Bal. ! Required Information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $12,500 Accounts Receivable Supplies 2,500 Equipment 17,5ee Accumulated Depreciation $ 6,080 Salaries Payable 8,500 Common Stock 17,580 Retained Earnings 7,080 Totals $39, eee $39,980 6,5ee The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $45,00, of which $19,5ee is on account. 2. May 2 Collect on accounts receivable, $16,5ce. 3. June 30 Issue shares of common stock in exchange for $5,eee cash. 4. August 1 Pay salaries of $8,589 from 2029 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,580. 6. October 19 Purchase equipment for $6,500 cash. 7. December 30 Pay $1,800 cash dividends to stockholders. Required: 1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable Beg Bal. Beg. Bal. June 30 August 01 September 25 End. Bal. End. Bal. 0 Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accumulated Depreciation Salaries Payable Beg Bal. Beg. Bal End. Bal. End. Bal. Common Stock Retained Earnings Beg Bal. Beg Bal End. Bal. 0 End. Bal. Service Revenue Dividends Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Expense Repairs and Maintenance Expense Beg Bal. Beg. Bal. End. Bal. 0 End. Bal. Depreciation Expense Supplies Expense Beg. Bal. Beg. Bal End. Bal. 0 End. Bal
