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This is all the information they give me Required information The general ledger of Red Storm Cleaners at January 1, 2021, Includes the following account
This is all the information they give me
Required information The general ledger of Red Storm Cleaners at January 1, 2021, Includes the following account balances: Accounts Debits Credits Cash $17,500 Accounts Receivable 7,500 Supplies 3,500 Equipment 12,500 Accumulated Depreciation $ 4,000 Salaries Payable 6,000 Common Stock 22,500 Retained Earnings 8,500 Totals $41,000 $41,600 The following is a summary of the transactions for the year. 1. March 12 Provide services to customers, $55,000, of which $20,500 is on account. 2. May 2 Collect on accounts receivable, $17,509. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $6,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,500. 6. October 19 Purchase equipment for $7,500 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. Required information 1,3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable Beg. Bal. Beg. Bal End. Bal End. Bal. Supplies Equipment Beg. Bal. Beg. Bal End. Bal. End. Bal CE Accumulated Depreciation Salaries Payable Beg. Bal. Beg. Bal End. Bal. End. Bal Common Stock Retained Earnings Beg. Bal Beg Bal End. Bal End. Bal Service Revenue Dividends Beg. Bal Beg Bal End. Bal End, Bal Salaries Expense Beg. Bal Repairs and Maintenance Expense Beg Bal End, Bal End. Bal Depreciation Expense Supplies Expense Beg, Bal Beg Bal End, Bal End. Bal Step by Step Solution
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