The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $13,500 6,700 2,700 16,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 5,600 8,100 18,500 7,200 $39,400 $39,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $47,000, of which $19,700 is on account. 2. May 2 Collect on accounts receivable, $16,700. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $8,100 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,700. 6. October 19 Purchase equipment for $6,700 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $17,700. Depreciation for the year on the equipment is $3,700. Office supplies remaining on hand at the end of the year equal $1,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the providing of services to customers, $47,000, of which $19,700 is on account. Note: Enter debits before credits. General Journal ebit Credit March 12 Record entry Clear entry View general journal Journal entry worksheet Record the collection on accounts receivable, 16,700. Note: Enter debits before credits. General Journal Debit Credit Date May 02 Record entry Clear entry View general journal Journal entry worksheet ..... Record the issuance of common stock in exchange for $6,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date June 30 Record entry Clear entry View general journal Journal entry worksheet .... Record the payment of salaries of $8,100 from 2020 (prior year). Note: Enter debits before credits. General Journal Debit Credit Date August 01 Record entry Clear entry View general journal Journal entry worksheet I.E. Record the payment for repairs and maintenance expenses, $11,700. Note: Enter debits before credits. General Journal Debit Credit Date September 25 Record entry Clear entry View general journal Journal entry worksheet Record the purchase of equipment for $6,700 cash. Note: Enter debits before credits. Date General Journal Debit Credit October 19 Record entry Clear entry View general journal Journal entry worksheet Record the payment of $1,100 for cash dividends to stockholders. Note: Enter debits before credits. General Journal Debit Credit Date December 30 Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for salaries. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Journal entry worksheet .... Record the adjusting entry for depreciation. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for supplies remaining on hand at the end of the year equal to $1,000. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Journal entry worksheet 1 .... 6 7 8 9 9 10 11 12 13 > Record the closing entry for expenses. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Journal entry worksheet
