Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: 11. Prepare a post-closing trial balance. PLEASE DO NOT

image text in transcribedimage text in transcribedThe general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:

11. Prepare a post-closing trial balance.

PLEASE DO NOT COMMENT INCORRECT ANSWERS! THIS IS MY 3RD TIME POSTING THIS ONLY ANSWER IF ITS CORRECT AND YOURE 100% SURE

Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $15,500 7,100 3,100 10,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,200 5,200 20,500 7,300 $36,200 $36,200 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $51,000, of which $20,100 is on account. 2. May 2 Collect on accounts receivable, $17,100. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 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. 11. Prepare a post-closing trial balance. Answer is not complete. Credit Debit 44,000 10,100 3,100 RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Accounts Cash $ Accounts Receivable Supplies Equipment Accumulated Depreciation $ Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Repairs and Maintenance Expense 17,600 3,200 X 26,500 7,300 X 1,100 X 5,100 % 12,100 Totals $ 87,300 $ 42,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Insiders Guide To Dol Plan Audits How To Survive An Employee Benefit Plan Audit

Authors: Frank J. Bitzer, Jr. Ferrigno, Nicholas W.

1st Edition

0872182711, 978-0872182714

More Books

Students also viewed these Accounting questions

Question

Differentiate sin(5x+2)

Answered: 1 week ago

Question

Compute the derivative f(x)=1/ax+bx

Answered: 1 week ago

Question

What is job enlargement ?

Answered: 1 week ago