Question

Chapter 3 Homework Saved 12 Required information Part 7 of 7 The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits 0.74 points Debits $15,000 7,000 3,000 10,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Skipped $ 3,000 5,000 20,000 7,000 $35,000 $ 35,000 eBook The following is a summary of the transactions for the year: Print References 1. March 12 Provide services to customers, $50,000, of which $20,000 is on account. 2. May 2 Collect on accounts receivable, $17,000. 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. 11. Prepare a post-closing trial balance. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Debit Accounts Credit

Answer 1

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Post-Closing Trail Balance
RED STORM CLEANERS
Post-Closing Trial Balance
December 31,2021
Accounts	Debit	Credit
Cash	$   42,000
Accounts Receivable	$   10,000
Supplies	$      3,000
Equipment	$   17,000
Accumulated Depreciation		$      3,000
Salaries Payable		$              -
Common Stock		$   25,000
Retained Earnings		$   44,000
Total	$ 72,000	$ 72,000

Journals: Sl.n Account Particulars o Credit Date Account title Mar.12 Cash Accounts Receivable Service Revenue Debit $ 30,000 $ 20,000 $50,000 $ 17,000 2 May.2 Cash Accounts Receivable $ 17,000 3,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Repairs and Maintenance Expense TOTAL Unadjusted Adjustments Adjusted T/B Debit Credit Debit Credit Debit Credit $ 15,000 $ 27,000 $ 42,000 $ 7,000 $ 3,000 $ 10,000 $ 3,000 $ 3,000 $ 10,000 $ 7,000 $ 17,000 $ $ 3,000 $ 5,000 $5,000 $ $ 20,000 $ 5,000 $ 25,000 $ 7,000 $ 7,000 $ 1,000 1,000 $ 50,000 $ 50,000 $ 12,000 $ 12,000 $35,000 $35,000 $50,000 $50,000 $85,000 $85,000 $ $ $ 5,000 Jun.30 Cash Common Stock $ 5,000 $ 5,000 4 Aug. 1 Salaries Payable Cash $ 5,000 5 Sep.25 Repairs and Maintenance Expense $ 12,000 Cash $ 12,000 6 Ovt.19 Equipment $ 7,000 Cash $ 7,000 $ 1,000 7 Dec.30 Dividends Cash $ 1,000

Closing Entries Post-Closing Trail Balance SI Credit Closing Entries Particulars Service Revenue Income Summary (To close the revenue account to income summary) Debit $50,000 1 $ 50,000 Account Particulars Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Total Debit Credit $ 42,000 $ 10,000 $ 3,000 $ 17,000 $ 3,000 $ $ 25,000 $ 44,000 $72,000 $72,000 $ 12,000 2 Income Summary Repairs and Maintenance Expense (To close the expense account to income summary) $ 12,000 3 $ 38,000 Income Summary Retained Earnings (To close Income statement to retained earnings) $ 38,000 * Retained Earnings Beginning R.E+Net Income *Retained Earnings= $7+$38-1 *Retained Earnings= $44,000 $ 1,000 4 Retained Earnings Dividends (To close dividends to retained earnings) $ 1,000

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