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
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:9. Record closing entries. Of no entry is required for a particular transaction/event, select "No journal entry required in the first
account field.)
View transaction
Journal entry worksheet
< 1
3
>
Record the closing entry for revenue.
Note: Enter debts before cred
Data
December 31,
2021
Record entry
General Journal
Clear entry
Debit
Credit
View general journal

Transcribed Image Text:Required information
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:
Appunta
Debit Credita
Cash
$15,000
Accounts Receivable
7,000
Supplies
3,000
Equipment
10,000
Accumulated Depreciation
$3,000
5,000
Salaries Payable
Common Stock
20,000
7.000
Retained Earnings
Totala
$35,000 $35,000
The following is a summary of the transactions for the year:
1. March
12 Provide services to customers, $50,000, of which $20,000 ie on account.
2 Collect on accounts receivable, $17,000.
2. May
3. June
30 Issue shares of common stock in exchange for $5,000 cash.
4. August
1 Pay salaries of $5,000 from 2020 (prior year).
5. September 25 Pay repairs and maintenance expenses, $12,000.
6. October
19 Purchase equipment for $7,000 cash.
7. December 30 Pay $1,000 cash dividends to stockholders.
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first
account field.)
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