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, $18,000. | |||
3. | June | 30 | Issue shares of common stock in exchange for $6,000 cash. | |||
4. | August | 1 | Pay salaries of $7,500 from 2020 (prior year). | |||
5. | September | 25 | Pay repairs and maintenance expenses, $13,000. | |||
6. | October | 19 | Purchase equipment for $8,000 cash. | |||
7. | December | 30 | Pay $1,100 cash dividends to stockholders. |
Journal entry worksheet
Note: Enter debits before credits.
|
Journal entry worksheet
Note: Enter debits before credits.
|
Journal entry worksheet
Note: Enter debits before credits.
|
Date | General Journal | Debit | Credit |
December 31, 2021 | Service revenue | $60,000 | |
Income summary | $60,000 | ||
( To record closing entry of revenue) |
Date | General Journal | Debit | Credit |
December 31, 2021 | Income summary | $13,000 | |
Repairs and maintenance expense | $13,000 | ||
( To record closing entry of expenses) |
Date | General Journal | Debit | Credit |
December 31, 2021 | Retained earnings | $1,100 | |
Dividends | $1,100 | ||
( To record closing entry of cash dividends) |
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The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
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