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WITH THE FOLLOWING INFORMATION PLEASE SOLVE THE PROBLEM Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account
WITH THE FOLLOWING INFORMATION PLEASE SOLVE THE PROBLEM
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $15,500 Accounts Receivable 7,100 Supplies 3,100 Equipment 10,500 Accumulated Depreciation $ 3,200 5,200 Salaries Payable Common Stock 20,500 7,300 Retained Earnings Totals $36,200 $36,200 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $51,000, of which $20,100 is on account. 2 Collect on accounts receivable, $17,100. 2. May 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 1 Pay salaries of $5,200 from 2020 (prior year). 4. August 5. September 25 Pay repairs and maintenance expenses, $12,100. 6. October 19 Purchase equipment for $7,100 cash. December 30 Pay $1,100 cash dividends to stockholders. 7. RED STORM CLEANERS Unadjusted Trial Balance December 31, 2021 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals $ Debit 0 $ Credit 0Step by Step Solution
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