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Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Cash Debits Credits $15,500 Accounts Receivable
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Cash Debits Credits $15,500 Accounts Receivable 7,100 Supplies 3,100 Equipment 10,500 Accumulated Depreciation $ 3,200 5,200 20,500 7,300 $36,200 $36,200 Salaries Payable Common Stock Retained Earnings Totals The following is a summary of the transactions for the year. 1. March 2. May 3. June 4. August 12 Provide services to customers, $51,000, of which $20,100 is on account. 2 Collect on accounts receivable, $17,100. 30 Issue shares of common stock in exchange for $6,000 cash. 1 Pay salaries of $5,200 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,100. 6. October 19 Purchase equipment for $7,100 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 11. Prepare a post-closing trial balance. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit of 8 7. December 30 Pay $1,100 cash dividends to stockholders. 11. Prepare a post-closing trial balance. RED STORM CLEANERS Accounts Cash Post-Closing Trial Balance December 31, 2021 Debit Credit 44,000 10,100 Accounts Receivable Book Supplies Equipment 17,600 Accumulated Depreciation erences Common Stock Retained Earnings Totals $ 71,700 $ 26,500 + 26,500
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