! Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock. Retained Earnings Totals Debits Credits $15,000 7,000 3,000 10,000 $ 3,000 5,000 20,000 7,000 $35,000 $35,000 The following is a summary of the transactions for the year: 1. March 2. May 3. June 4. August 12 Provide services to customers, $50,000, of which $20,000 is on account. 2 Collect on accounts receivable, $17,000. 30 Issue shares of common stock in exchange for $5,000 cash. 1 Pay salaries of $5,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,000. 6. October 19 Purchase equipment for $7,000 cash. 7. December 30 Pay $1,000 cash dividends to stockholders.