Required information 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: Credits Debita $18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $43,400 $43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts receivable, $17,700. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $6,400 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,700. 6. October 19 Purchase equipment for $7,700 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. Problem 3-8A Part 8 8-a. Prepare the income statement for the year ended December 31, 2021. Problem 3-8A Part 8 8-a. Prepare the income statement for the year ended December 31, 2021. RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Expenses: + Total expenses 8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) RED STORM CLEANERS Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities: es Stockholders' Equity Total Current Assets Long-term assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets Journal entry worksheet Record the adjusting entry for supplies. Supplies remaining on hand at the end of the year equal $1,200. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal