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Srchttpsmediacheggcdncommedia | Chegg.com Saved Help Save & Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $14,500 Accounts Receivable. 6,900 Supplies 2,900 Equipment 15,500 $ 5,200 Accumulated Depreciation Salaries Payable Common Stock 7,700 19,500. 7,400 Retained Earnings Totals $39,800 $39,800 The following is a summary of the transactions for the year: 1. March. 12 Provide services to customers, $49,000, of which $19,900 is on account. 2. May 2 Collect on accounts receivable, $16,900. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $7,700 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,900. 6. October 19 Purchase equipment for $6,900 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2021. TER 3 PROBLEMS i 5 of 8 ok CE Check m 7,700 Salaries Payable Common Stock Retained Earnings Totals 19,500 7,400 $39,800 $39,800 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $49,000, of which $19,900 is on account. 2. May 2 Collect on accounts receivable, $16,900. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $7,700 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,900. 6. October 19 Purchase equipment for $6,900 cash. 7. December 30 Pay $1,200 cash dividends to stockholders.. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $18,400. Depreciation for the year on the equipment is $3,900. Office supplies remaining on hand at the end of the year equal $1,100. Income Statement Balance Sheet General Ledger Trial Balance General Journal Requirement Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information Assets Current Assets: Cash Accounts Receivable Supplies Total Current Assets Long-term assets: Equipment Accumulated Depreciation Total Assets 333 December 31, 2021 $ 36,800 9,900 1,100 47,800 22,400 (9,100) 61,100 $ Liabilities Current Liabilities: Salaries Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 33 $ 18,400 23,500 19,200 42,700 61,100 $ quest 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit December 31, 202 Service Revenue 49,000 Retained Earnings December 31, 202 Retained Earnings 36,000 Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense December 31, 202 Retained Earnings Dividends 1 2 3 1,200 49,000 18,400 11,900 3,900 1,800 1,200 of 8 Beg. Bal. March 12 May 02 June 30 End. Bal. Beg. Bal. End. Bal. Beg. Bal. *** Cash 14,500 29,100 16,900 4,000 36,800 7.700 August 01 11,900 September 25 6,900 October 19 1,200 December 30 1,800 December 31 1,100 Accumulated Depreciation 5,200 3.900 December 31 Supplies 2,900 **** Beg. Bal March 12 End. Bal Beg. Bal. October 19 End. Bal. Beg. Bal. August 01 S Accounts Receivable 6,900 + 19,900 30 9.900 Equipment 16.900 May 02 15,500 6,900 22,400 Salaries Payable 7,700 7,700 18,400 December 31 wt 7 of 8 Required information Beg Bal. End. Bal. Beg. Bal. End. Bal. Beg. Bal. December 31 End. Bal. S Accumulated Depreciation 5,200 3,900 December 31 9,100 MWAN Common Stock 19,500 4,000 June 30 23,500 Service Revenue March 12 49,000 00 49,000 0 9 O Beg. Bal August 01 End. Bal Beg. Bal December 31 December 31 End. Bal Beg. Bal December 30 End. Bal O 0 O Salaries Payable 7.700 Retained Earnings 36,000 1,200 Dividends 01 1,200 99 Return to question 7,700 18,400 December 31 18,400 7,400 49.000 December 31 19,200 1,200 December 31 0 Part 7 of 8 Required information Beg. Bal. December 31 O End. Bal. Beg. Bal. December 31 End. Bal Beg. Bal December 31 End. Bal service Revenue 49,000 Salaries Expense 0 18,400 Depreciation Expense 00 3,900 33 0 49,000 March 12 0 ** 18,400 0 December 31 O 3,900 December 31 0 Beg. Bal. December 30 End. Bal Beg. Bal September 25 O End. Bal. Beg. Bal December 31 End. Bal unidens 00 O 1,200 1,200 December 31 0 Repairs and Maintenance Expense 00 11,900 11,900 0 Supplies Expense 00 1,800 1,800 December 31 0 0 of 8 57:06 Answer is complete but not entirely correct. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Credit 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 X X X IA Debit 36,800 9,900 1,100 22,400 1,200 18,400 11,900 X 3,900 X 1,800 inn LAN $ la 9,100 18,400 23,500 7,400 49,000 JAN LAA Srchttpsmediacheggcdncommedia | Chegg.com Saved Help Save & Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $14,500 Accounts Receivable. 6,900 Supplies 2,900 Equipment 15,500 $ 5,200 Accumulated Depreciation Salaries Payable Common Stock 7,700 19,500. 7,400 Retained Earnings Totals $39,800 $39,800 The following is a summary of the transactions for the year: 1. March. 12 Provide services to customers, $49,000, of which $19,900 is on account. 2. May 2 Collect on accounts receivable, $16,900. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $7,700 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,900. 6. October 19 Purchase equipment for $6,900 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2021. TER 3 PROBLEMS i 5 of 8 ok CE Check m 7,700 Salaries Payable Common Stock Retained Earnings Totals 19,500 7,400 $39,800 $39,800 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $49,000, of which $19,900 is on account. 2. May 2 Collect on accounts receivable, $16,900. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $7,700 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,900. 6. October 19 Purchase equipment for $6,900 cash. 7. December 30 Pay $1,200 cash dividends to stockholders.. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $18,400. Depreciation for the year on the equipment is $3,900. Office supplies remaining on hand at the end of the year equal $1,100. Income Statement Balance Sheet General Ledger Trial Balance General Journal Requirement Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information Assets Current Assets: Cash Accounts Receivable Supplies Total Current Assets Long-term assets: Equipment Accumulated Depreciation Total Assets 333 December 31, 2021 $ 36,800 9,900 1,100 47,800 22,400 (9,100) 61,100 $ Liabilities Current Liabilities: Salaries Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 33 $ 18,400 23,500 19,200 42,700 61,100 $ quest 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit December 31, 202 Service Revenue 49,000 Retained Earnings December 31, 202 Retained Earnings 36,000 Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense December 31, 202 Retained Earnings Dividends 1 2 3 1,200 49,000 18,400 11,900 3,900 1,800 1,200 of 8 Beg. Bal. March 12 May 02 June 30 End. Bal. Beg. Bal. End. Bal. Beg. Bal. *** Cash 14,500 29,100 16,900 4,000 36,800 7.700 August 01 11,900 September 25 6,900 October 19 1,200 December 30 1,800 December 31 1,100 Accumulated Depreciation 5,200 3.900 December 31 Supplies 2,900 **** Beg. Bal March 12 End. Bal Beg. Bal. October 19 End. Bal. Beg. Bal. August 01 S Accounts Receivable 6,900 + 19,900 30 9.900 Equipment 16.900 May 02 15,500 6,900 22,400 Salaries Payable 7,700 7,700 18,400 December 31 wt 7 of 8 Required information Beg Bal. End. Bal. Beg. Bal. End. Bal. Beg. Bal. December 31 End. Bal. S Accumulated Depreciation 5,200 3,900 December 31 9,100 MWAN Common Stock 19,500 4,000 June 30 23,500 Service Revenue March 12 49,000 00 49,000 0 9 O Beg. Bal August 01 End. Bal Beg. Bal December 31 December 31 End. Bal Beg. Bal December 30 End. Bal O 0 O Salaries Payable 7.700 Retained Earnings 36,000 1,200 Dividends 01 1,200 99 Return to question 7,700 18,400 December 31 18,400 7,400 49.000 December 31 19,200 1,200 December 31 0 Part 7 of 8 Required information Beg. Bal. December 31 O End. Bal. Beg. Bal. December 31 End. Bal Beg. Bal December 31 End. Bal service Revenue 49,000 Salaries Expense 0 18,400 Depreciation Expense 00 3,900 33 0 49,000 March 12 0 ** 18,400 0 December 31 O 3,900 December 31 0 Beg. Bal. December 30 End. Bal Beg. Bal September 25 O End. Bal. Beg. Bal December 31 End. Bal unidens 00 O 1,200 1,200 December 31 0 Repairs and Maintenance Expense 00 11,900 11,900 0 Supplies Expense 00 1,800 1,800 December 31 0 0 of 8 57:06 Answer is complete but not entirely correct. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Credit 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 X X X IA Debit 36,800 9,900 1,100 22,400 1,200 18,400 11,900 X 3,900 X 1,800 inn LAN $ la 9,100 18,400 23,500 7,400 49,000 JAN LAA

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