The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $18,000 7,600 3,600 13,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,200 6,200 23,000 8. BOO $42,200 $42,200 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $56,000, of which $20,600 is on account. 2. May 2 Collect an accounts receivable, $17,600. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $6,200 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,600. 6. October 19 Purchase equipment for $7,600 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,500. Depreciation for the year on the equipment is $4,600. Office supplies remaining on hand at the end of the year equal $1,000. (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