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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings. Totals Debits $16,500 1. March. 2. May 3. June 7,300 3,300 11,500. $ 3,600 5,600 21,500 7,900 $38,600 $38,600 The following is a summary of the transactions for the year: 12 Provide services to customers, $53,000, of which $20,300 is on account. 2 Collect on accounts receivable, $17,300. 30 Issue shares of common stock in exchange for $5,000 cash. 1 Pay salaries of $5,600 from 2020 (prior year). 4. August 5. September 25 Pay repairs and maintenance expenses, $12,300. 6. October 19 Purchase equipment for $7,300 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. Problem 3-8A Parts 1, 3, 6 and 10
Transcribed Image Text:Required information Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings. Totals Debits $16,500 1. March. 2. May 3. June 7,300 3,300 11,500. $ 3,600 5,600 21,500 7,900 $38,600 $38,600 The following is a summary of the transactions for the year: 12 Provide services to customers, $53,000, of which $20,300 is on account. 2 Collect on accounts receivable, $17,300. 30 Issue shares of common stock in exchange for $5,000 cash. 1 Pay salaries of $5,600 from 2020 (prior year). 4. August 5. September 25 Pay repairs and maintenance expenses, $12,300. 6. October 19 Purchase equipment for $7,300 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. Problem 3-8A Parts 1, 3, 6 and 10
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Transcribed Image Text:Beg. Bal End. Bal Beg. Bal End. Bal. Beg. Bal. End. Bal Beg. Bal. End. Bal. Beg. Bal End. Bal Show Transcribed Text Beg. Bal End. Bal Cash Beg. Bal. 0 End, Bal. Supplies Accumulated Depreciation 0 Common Stock Service Revenue Show Transcribed Text Salaries Expense 0 Depreciation Expense 0 0 0 Beg. Bal. End. Bal. Beg. Bal End. Bal. Beg. Bal End. Bal I Beg. Bal End. Bal. Beg. Bal End. Bal, Beg. Bal End. Bal Beg. Bal. End. Bal. Accounts Receivable 0 Equipment Salaries Payable + 0 Retained Earnings Dividends 0 0 Repairs and Maintenance Expense 0 Supplies Expense 0
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