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: Accounts Cash Accounts Receivable Debits Credits $10,500 6,100 Supplies 2,100 Equipment 19,500 Accumulated Depreciation $ 6,800 Salaries Payable Common Stock Retained Earnings Totals 9,300 15,500 6,600 $38,200 $38,200 The following is a summary of the transactions for the year: 1. March 2. May 3. June 4. August 12 Provide services to customers, $41,000, of which $19,100 is on account. 2 Collect on accounts receivable, $16,100. 30 Issue shares of common stock in exchange for $6,000 cash. 1 Pay salaries of $9,300 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,100. 6. October 19 Purchase equipment for $6,100 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 4. Prepare an unadjusted trial balance. Accounts Cash Accounts Receivable RED STORM CLEANERS Unadjusted Trial Balance December 31, 2021 Debit Credit Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals S 0 $ 0 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $3,100. Office supplies remaining on hand at the end of the year equal $1,000. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) 7. Prepare an adjusted trial balance. Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense RED STORM CLEANERS Adjusted Trial Balance December 31, 2021 Debit Credit 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: 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the closing entry for revenue. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Required: 1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Beg. Bal Cash Beg. Bal 4 Accounts Receivable End. Bal. 0 End. Bal. Supplies Beg. Bal. Equipment Beg. Bal. End. Bal. End, Bal, Accumulated Depreciation Salaries Payable 11. Prepare a post-closing trial balance. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit +