The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $11,500 Accounts Receivable 6,300 Supplies 2,300 Equipment 18,500 Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 6,400 8,900 16,500 6,800 $38,600 $38,600 The following is a summary of the transactions for the year: 1. March 2. May 3. June 4. August 12 Provide services to customers, $43,000, of which $19,300 is on account. 2 Collect on accounts receivable, $16,300. 30 Issue shares of common stock in exchange for $4,000 cash. 1 Pay salaries of $8,900 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,300. 6. October 19 Purchase equipment for $6,300 cash. 7. December 30 Pay $1,200 cash dividends to stockholders.

The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $11,500 Accounts Receivable 6,300 Supplies 2,300 Equipment 18,500 Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 6,400 8,900 16,500 6,800 $38,600 $38,600 The following is a summary of the transactions for the year: 1. March 2. May 3. June 4. August 12 Provide services to customers, $43,000, of which $19,300 is on account. 2 Collect on accounts receivable, $16,300. 30 Issue shares of common stock in exchange for $4,000 cash. 1 Pay salaries of $8,900 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,300. 6. October 19 Purchase equipment for $6,300 cash. 7. December 30 Pay $1,200 cash dividends to stockholders.

Name: The general ledger of Red Storm Cleaners at January 1, 2021, includes
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Description: The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:AccountsCashAccounts ReceivableSuppliesEquipmentAccumulated Depreciation.Salaries PayableCommon StockRetained EarningsTotalsDebits$11,5006,3002,3001

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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