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very confused at why these are wrong Credits Debits $20,000 8,000 4,000 15,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock
very confused at why these are wrong
Credits Debits $20,000 8,000 4,000 15,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 5,000 7,500 25,000 9,500 $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 1 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. 7. Prepare an adjusted trial balance. Answer is not complete. RED STORM CLEANERS Adjusted 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 X Salaries Payable Common Stock 31,000 Retained Earnings 9,500 Dividends 1,100 Service Revenue 60,000 Salaries Expense Repairs and Maintenance Expense 13,000 Depreciation Expense Supplies Expense Totals $ 105,500 $ 105,500 8-a. Prepare the income statement for the year ended December 31, 2021. Answer is not complete. RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Service Revenue $ 60,000 Expenses: Repairs and Maintenance Expense 13,000 Total expenses 13,000 47,000 X Net Income $ 8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) X Answer is not complete. Assets Current Assets: Cash X $ 5,000 X RED STORM CLEANERS Balance Sheet December 31, 2021 Liabilities Current Liabilities: S 53,400 Accumulated Depreciation 11,000 4,000 X Stockholders' Equity 68,400 Common Stock Retained Earnings 23,000 Accounts Receivable Supplies OOO Total Current Assets Long-term Assets: Equipment 31,000 55,400 X Total Stockholders' Equity Total Liabilities and Stockholders' Equity 86,400 91,400 Total Assets $ 91,400 $
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