The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $18,000 Accounts Receivable 7,600 Supplies 3,600 Equipment 13,000 Accumulated Depreciation $ 4,200 Salaries Payable. Common Stock Totals 6,200 23,000 Retained Earnings 8,800 $42,200 $42,200 The following is a summary of the transactions for the year: 1. March 2. May 3. June 4. August 12 Provide services to customers, $56,000, of which $20,600 is on account. 2 Collect on accounts receivable, $17,600. 30 Issue shares of common stock in exchange for $5,000 cash. 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. 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)