[The following information applies to the questions displayed below The general ledger of Red Storm Cleaners at January 1, 2015, includes the following account balances: Debits Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings $18,500 7,700 3,700 13,500 S 4,400 6,400 23,500 9100 Totals $43,400$43,400 The following is a summary of the transactions for the year: a. Sales of services, $57,000, of which $20,700 is on account. b. Collect on accounts receivable, $17,700. c. Issue shares of common stock in exchange for $6,000 cash. d. Pay salaries, $25,700 (of which $6,400 is for salaries payable in 2014). e. Pay repairs and maintenance expenses, $12,700. f. Purchase equipment for $7,700 cash. g. Pay $1,100 cash dividends to stockholders. 7. 0.83 points 4. Prepare an unadjusted trial balance RED STORM CLEANERS Trial Balance December 31, 2015 Credit Accounts Cash Accounts receivable Supplies Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Repairs and maintenance expense Depreciation expense Supplies expense Debit 18,500 Totals 018,500 8. value: 0.83 points 5. Record adjusting entries. Accrued salaries at year-end amounted to $1,100. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. (lf no entry is required for a paricular transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the adjustment for salaries. Record the adjustment for depreciation. Record the adjustment for supplies. 2 3 Credit Note:-journal entry has been entered Record entry Clear entry View general journal value: 0.83 points 7. Prepare an adjusted trial balance RED STORM CLEANERS Adjusted Trial Balance December 31, 2015 Credit Accounts Cash Accounts receivable Supplies Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Repairs and maintenance expense Depreciation expense Supplies expense Debit Totals 10. 03 points value: 8-a. Prepare the income statement for the year ended December 31, 2015. RED STORM CLEANERS Income Statement For the Year Ended December 31, 2015 Expenses Total expenses 8-b. Prepare the classified balance sheet for the year ended December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.) RED STORM CLEANERS Balance Sheet December 31, 2015 Assets Liabilities Current assets: Current liabilities: Stockholders' Equity Total current assets Long-term assets Total stockholders' equity Total Liabilities and Stockholders' Equity Total Assets value: 0.83 points 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 X: 1 Record the entry to close the revenue accounts. 2 Record the entry to close the expense accounts 3 Record the entry to close the dividends account. Credit Note :-journal entry has been entered Record entry Clear entry View general journal value: 0.83 points 11. Prepare a post-closing trial balance. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2015 ccounts Debit Credit Totals