Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $20,000 Accounts Receivable 8,000 Supplies 4,000 Equipment 15,000 Accumulated Depreciation $ 5,000 Salaries Payable 7,500 Common Stock 25,000 Retained Earnings 9,500 Totals $47,000 $ 47,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $60,000, of which $21,000 is on account. 2. May 2 Collect on accounts receivable, $18,000. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August i Pay salaries of $7,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $13,000. 6. October 19 Purchase equipment for $8,000 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 11. Prepare a post-closing trial balance. Answer is complete but not entirely correct. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Cash $ 53,400 Accounts Receivable 11,000 Supplies 4,000 X Equipment 23,000 Accumulated Depreciation $ 5,000 > Salaries Payable 0 % Common Stock 31,000 Retained Earnings 9,500 Dividends 1,100 Service Revenue 60,000 X Repairs and Maintenance Expense 13,000 Totals $ 105,500 $ 105,500