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 7,300 3,300 11,500 2. May 3. June $ 3,600 5,600 21,500 7,900 $38,600 $38,600 The following is a summary of the transactions for the year: 1. March 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.
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 7,300 3,300 11,500 2. May 3. June $ 3,600 5,600 21,500 7,900 $38,600 $38,600 The following is a summary of the transactions for the year: 1. March 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
7,300
3,300
11,500
Problem 3-8A Part 11
$ 3,600
5,600
21,500
7,900
$38,600 $38,600
The following is a summary of the transactions for the year:
1. March
12 Provide services to customers, $53,000, of which $20,300 is on account.
2. May
2 Collect on accounts receivable, $17,300.
3. June
30 Issue shares of common stock in exchange for $5,000 cash.
4. August
1 Pay salaries of $5,600 from 2020 (prior year).
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.
Transcribed Image Text:11. Prepare a post-closing trial balance.
Accounts
Totals
RED STORM CLEANERS
Post-Closing Trial Balance
December 31, 2021
$
Debit
0 $
Credit
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