The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accuanta Debit Credits Cash $15,000 Accounts Receivable 7.000 Supplies 3,000 Equipment 10,000 $3,000 Accumulated Depreciation Salaries Payable Common stock 5,000 20,000 Betained Earnings 7.000 Totala $35,000 $35,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, 850,000, of which $20,000 is on account. 2. May 2 Collect on secounts receivable, $17,000. 3. June 30 Issue shares of common stock in exchange for $5,000 ca. 1 Pay salaries of $5,000 from 2020 (prior year). 4. August 5. September 25 Pay repairs and maintenance expenses, $12,000. 19 Purchase equipment for $7,000 cash. 7. December 30 Pay 91,000 cash dividends to stockholders. 6. October
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accuanta Debit Credits Cash $15,000 Accounts Receivable 7.000 Supplies 3,000 Equipment 10,000 $3,000 Accumulated Depreciation Salaries Payable Common stock 5,000 20,000 Betained Earnings 7.000 Totala $35,000 $35,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, 850,000, of which $20,000 is on account. 2. May 2 Collect on secounts receivable, $17,000. 3. June 30 Issue shares of common stock in exchange for $5,000 ca. 1 Pay salaries of $5,000 from 2020 (prior year). 4. August 5. September 25 Pay repairs and maintenance expenses, $12,000. 19 Purchase equipment for $7,000 cash. 7. December 30 Pay 91,000 cash dividends to stockholders. 6. October
Chapter1: Financial Statements And Business Decisions
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