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Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 10,500 Accounts

Required information

The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:

Accounts Debits Credits
Cash $ 10,500
Accounts Receivable 6,100
Supplies 2,100
Equipment 19,500
Accumulated Depreciation $ 6,800
Salaries Payable 9,300
Common Stock 15,500
Retained Earnings 6,600
Totals $ 38,200 $ 38,200

The following is a summary of the transactions for the year:

1. March 12 Provide services to customers, $41,000, of which $19,100 is on account.
2. May 2 Collect on accounts receivable, $16,100.
3. June 30 Issue shares of common stock in exchange for $6,000 cash.
4. August 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.

Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

  • Record the closing entry for revenue.

Note: Enter debits before credits.

Date General Journal Debit Credit
December 31, 2021

  • Record the closing entry for expenses.

Note: Enter debits before credits.

Date General Journal Debit Credit
December 31, 2021

  • Record the closing entry for cash dividends.

Note: Enter debits before credits.

Date General Journal Debit Credit
December 31, 2021

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