Answer Happy

The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $10,500 6,100 2,100 19,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 6,800 9,300 15,500 6,600 $38,200 $38,200 The following is a summary of the transactions for the year: 2. May 1. March 12 Provide services to customers, $41,000, of which $19,100 is on account. 2 Collect on accounts receivable, $16,100. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $9,300 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,100. 6. October 19 Purchase equipment for $6,100 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $15,900. Depreciation for the year on the equipment is $3,100. Office supplies remaining on hand at the end of the year equal $1,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-10). 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13).
1 Record the providing of services to customers, $41,000, of which $19,100 is on account. N 2 Record the collection on accounts receivable, 16,100. 3 Record the issuance of common stock in exchange for $6,000 cash. 4 Record the payment of salaries of $9,300 from 2020 (prior year). 5 Record the payment for repairs and maintenance expenses, $11,100. ch Record the purchase of equipment for $6,100 cash. Note : = journal entry has been entered
7 Record the payment of $1,100 for cash dividends to stockholders. 8 Record the adjusting entry for salaries. 9 Record the adjusting entry for depreciation. 10 Record the adjusting entry for supplies remaining on hand at the end of the year equal to $1,000. 11 Record the closing entry for revenue. 12 Record the closing entry for expenses. 13 Record the closing entry for cash dividends. Note : = journal entry has been entered
Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adj will appear for each account, based on your selection. Unadjusted Red Storm Cleaners Income Statement For the Year Ended December 31, 2021 Revenues: Total Revenues Expenses: Total Expenses Trial Balance Balance Sheet >
Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on t balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Red Storm Cleaners Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Stockholders' Equity Total Current Assets Long-term Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets Income Statement Balance Sheet