The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:
Accounts | Debits | Credits | |||||
Cash | $ | 13,000 | |||||
Accounts Receivable | 6,600 | ||||||
Supplies | 2,600 | ||||||
Equipment | 17,000 | ||||||
Accumulated Depreciation | $ | 5,800 | |||||
Salaries Payable | 8,300 | ||||||
Common Stock | 18,000 | ||||||
Retained Earnings | 7,100 | ||||||
Totals | $ | 39,200 | $ | 39,200 | |||
The following is a summary of the transactions for the year:
1. | March | 12 | Provide services to customers, $46,000, of which $19,600 is on account. | |||
2. | May | 2 | Collect on accounts receivable, $16,600. | |||
3. | June | 30 | Issue shares of common stock in exchange for $4,000 cash. | |||
4. | August | 1 | Pay salaries of $8,300 from 2020 (prior year). | |||
5. | September | 25 | Pay repairs and maintenance expenses, $11,600. | |||
6. | October | 19 | Purchase equipment for $6,600 cash. | |||
7. | December | 30 | Pay $1,200 cash dividends to stockholders. |
Journal Entries
1 | March 12 | Cashselected answer correct | 26,400selected answer correct | not attempted |
Accounts Receivableselected answer correct | 19,600selected answer correct | not attempted | ||
Service Revenueselected answer correct | not attempted | 46,000selected answer correct | ||
2 | May 02 | Cashselected answer correct | 16,600selected answer correct | not attempted |
Accounts Receivableselected answer correct | not attempted | 16,600selected answer correct | ||
3 | June 30 | Cashselected answer correct | 4,000selected answer correct | not attempted |
Common Stockselected answer correct | not attempted | 4,000selected answer correct | ||
4 | August 01 | Salaries Payableselected answer correct | 8,300selected answer correct | not attempted |
Cashselected answer correct | not attempted | 8,300selected answer correct | ||
5 | September 25 | Repairs and Maintenance Expenseselected answer correct | 11,600selected answer correct | not attempted |
Cashselected answer correct | not attempted | 11,600selected answer correct | ||
6 | October 19 | Equipmentselected answer correct | 6,600selected answer correct | not attempted |
Cashselected answer correct | not attempted | 6,600selected answer correct | ||
7 | December 30 | Dividendsselected answer correct | 1,200selected answer correct | not attempted |
Cashselected answer correct | not attempted | 1,200 |
Unadjusted Trial Balance
|
Adjusting Entries
No | Date | General Journal | Debit | Credit |
---|---|---|---|---|
1 | December 31, 2021 | Salaries Expense | 19,700 | |
Salaries Payable | 19,700 | |||
2 | December 31, 2021 | Depreciation Expense | 3,600 | |
Accumulated Depreciation | 3,600 | |||
3 | December 31, 2021 | Supplies Expense | 1,100 | |
Supplies | 1,100 |
Closing Entries (I was not completely sure on this one. It will need to be finished. It is possible with info provided)
No | Date | General Journal | Debit | Credit |
---|---|---|---|---|
1 | December 31, 2021 | 46,000 | ||
Accounts Receivable | 46,000 | |||
2 | December 31, 2021 | 34,200 | ||
Salaries Expense | 17,500 | |||
Depreciation Expense | 3,600 | |||
Supplies Expense | 1,500 | |||
Repairs and Maintenance Expense | 11,600 | |||
3 | December 31, 2021 | Retained Earnings | 1,200 | |
Dividends | 1,200 |
6. Prepare an adjusted trial balance(please write out)
7-a. Prepare the income statement for the year ended December 31, 2021. (Please write out)
8. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances (Please Write Out).
11. Prepare a post-closing trial balance(Please write out).
6 | ||
RED STORM CLEANERS | ||
Adjusted Trial Balance | ||
31-Dec-21 | ||
Accounts | Debit | Credit |
Cash | $ 32,300 | |
Accounts Receivable | $ 9,600 | |
Supplies | $ 1,500 | |
Equipment | $ 23,600 | |
Accumulated Depreciation | $ 9,400 | |
Salaries Payable | $ 19,700 | |
Common Stock | $ 22,000 | |
Retained Earnings | $ 7,100 | |
Dividends | $ 1,200 | |
Service Revenue | $ 46,000 | |
Salaries Expense | $ 19,700 | |
Repairs and Maintenance Expense | $ 11,600 | |
Depreciation Expense | $ 3,600 | |
Supplies Expense | $ 1,100 | |
Totals | $ 104,200 | $ 104,200 |
7a | |
INCOME STATEMENT | |
FOR THE YEAR 2021 | |
PARTICULARS | AMOUNT |
Service Revenue | $ 46,000 |
Net revenue | $ 46,000 |
Expenses: | |
Salaries Expense | $ 19,700 |
Repairs and Maintenance Expense | $ 11,600 |
Depreciation Expense | $ 3,600 |
Supplies Expense | $ 1,100 |
Total expenses | $ 36,000 |
Net Income | $ 10,000 |
Dividends declared | ($1,200) |
Profit after dividends | $ 8,800 |
No | Date | General Journal | Debit | Credit |
1 | 31-Dec-21 | Income | $ 46,000 | |
Accounts Receivable | $ 46,000 | |||
2 | 31-Dec-21 | Income | $ 36,000 | |
Salaries Expense | $ 19,700 | |||
Depreciation Expense | $ 11,600 | |||
Supplies Expense | $ 3,600 | |||
Repairs and Maintenance Expense | $ 1,100 | |||
3 | 31-Dec-21 | Retained Earnings | $ 1,200 | |
Dividends | $ 1,200 |
8
CASH | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
OPENING BALANCE | $ 13,000 | Salaries Payable | $ 8,300 |
Service Revenue | $ 26,400 | Repairs and Maintenance Expense | $ 11,600 |
Accounts Receivable | $ 16,600 | EQUIPEMENT | $ 6,600 |
CASH | $ 4,000 | DIVIDENDS | $ 1,200 |
CLOSING BALANCE | $ 32,300 | ||
$ 60,000 | $ 60,000 | ||
Service Revenue | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
Income | $ 46,000 | CASH | $ 26,400 |
Accounts Receivable | $ 19,600 | ||
$ 46,000 | $ 46,000 | ||
Accounts Receivable | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
OPENING BALANCE | $ 6,600 | CASH | $ 16,600 |
Service Revenue | $ 19,600 | CLOSING BALANCE | $ 9,600 |
$ 26,200 | $ 26,200 | ||
Common Stock | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
CLOSING BALANCE | $ 22,000 | OPENING BALANCE | $ 18,000 |
CASH | $ 4,000 | ||
$ 22,000 | $ 22,000 | ||
Salaries Payable | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
CASH | $ 8,300 | OPENING BALANCE | $ 8,300 |
CLOSING BALANCE | $ 19,700 | SALARY EXPENSE | $ 19,700 |
$ 28,000 | $ 28,000 | ||
SALARY EXPENSE | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
SALARY EXPENSE | $ 19,700 | Income | $ 19,700 |
Repairs and Maintenance Expense | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
CASH | $ 11,600 | Income | $ 19,700 |
EQUIPMENT | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
OPENING BALANCE | $ 17,000 | ||
CASH | $ 6,600 | CLOSING BALANCE | $ 23,600 |
$ 23,600 | $ 23,600 | ||
DIVIDENDS | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
CASH | $ 1,200 | RETAINED EARNINGS | $ 1,200 |
DEPRECIATION EXPENSE | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
Accumulated Depreciation | $ 3,600 | Income | $ 3,600 |
Accumulated Depreciation | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
OPENING BALANCE | $ 5,800 | ||
closing balance | $ 9,400 | DEPRECIATION EXPENSE | $ 3,600 |
$ 9,400 | $ 9,400 | ||
SUPPLIES EXPENSE | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
SUPPLIES | $ 1,100 | income | $ 1,100 |
SUPPLIES | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
OPENING BALANCE | $ 2,600 | SUPPLIES EXPENSE | $ 1,100 |
closing balance | $ 1,500 | ||
$ 2,600 | $ 2,600 | ||
RETAINED EARNINGS | |||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
dividends | $ 1,200 | OPENING BALANCE | $ 7,100 |
$ 15,900 | INCOME | $ 10,000 | |
$ 17,100 | $ 17,100 |
11
11 | ||
RED STORM CLEANERS | ||
Post closing trial balance | ||
31-Dec-21 | ||
Accounts | Debit | Credit |
Cash | $ 32,300 | |
Accounts Receivable | $ 9,600 | |
Supplies | $ 1,500 | |
Equipment | $ 23,600 | |
Accumulated Depreciation | $ 9,400 | |
Common Stock | $ 22,000 | |
Retained Earnings | $ 15,900 | |
Salaries Payable | $ 19,700 | |
Totals | $ 67,000 | $ 67,000 |
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 13,000 Accounts Receivable 6,600 Supplies 2,600 Equipment 17,000 Accumulated Depreciation $ 5,800 Salaries Payable 8,300 Common Stock 18,000 Retained Earnings 7,100 Totals $ 39,200 $ 39,200 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $46,000, of which $19,600 is on account. 2. May 2 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 20,000 Accounts Receivable 8,000 Supplies 4,000 Equipment 15,000 Accumulated Depreciation $ 5,000 Salaries Payable 7,500 Common Stock 25,000 Retained Earnings 9,500 Totals $ 47,000 $ 47,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $60,000, of which $21,000 is on account. 2. May 2 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $16.500 7,300 3,300 11,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,600 5,600 21,500 7.900 $38.600 $38.600 The following 's 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...
5 Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Part 4 of 8 Credits 0.63 points Debits $13,000 6,600 2,600 17,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation salaries Payable Common Stock Retained Earnings Totals eBook $ 5,800 8,300 18,000 7,100 $39,200 Print $39,200 References The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $46,000, of which $19,600 is on...
9 Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Part 8 of 8 Credits 0.62 points Debits $13,000 6,600 2,600 17,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals eBook $ 5,800 8,300 18,000 7.100 $39,200 Print $39,200 References The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $46,000, of which $19,600 is on...
3 O Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Part 2 of 8 Credits 0.62 points Debits $13,000 6.600 2,600 17.000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals eBook $ 5,800 8,300 18,000 7.100 $39,200 Print $39,200 References The following is a summary of the transactions for the year: 1. March 12 Provide services to customers. $46.000, of which $19,600 is...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $ 43,400 $ 43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts receivable, $17,700. 3....
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $19,000 Accounts Receivable 7,800 Supplies 3,800 Equipment 14,000 Accumulated Depreciation $ 4,600 Salaries Payable 6,600 Common Stock 24,000 Retained Earnings 9,400 Totals $44,600 $44,600 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $58,000, of which $20,890 is on account. 2. May 2 Collect on accounts receivable, $17,800. 3....
6 ! Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Part 5 of 8 Credits 0.63 points Debits $13,000 6,600 2,600 17,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals eBook $ 5,800 8,300 18,000 7,100 $39,200 Print $39,200 References The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $46,000, of which $19,600 is...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $ 18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $ 43,400 $43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts receivable,...