Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $11,000 6,200 2,200 19,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 6,600 9, 100 16,000 6,700 $38,400 $38,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $42,000, of which $19,200 is on account. 2. May 2 Collect on accounts receivable, $16,200. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $9,100 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,200. 6. October 19 Purchase equipment for $6,200 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. 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