The general ledger of Green Stream Cleaners at January 1, 2024, includes the following account balances: Debits $ 11,000 6,200 2, 200 19,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation. Salaries Payable Common Stock Retained Earnings Totals The following is a summary of the transactions for the year: 1. March 12 2. May 2 3. June 30 4. August 1 5. September 25 6. October 19 Credits $ 6,600 9,100 16,000 6,700 $ 38,400 $ 38, 400 Provide services to customers, $42, 000, of which $19, 200 is on account. Collect on accounts receivable, $16, 200. Issue shares of common stock in exchange for $5,000 cash. Pay salaries of $9,100 from 2023 (prior year). General Pay repairs and maintenance expenses, $11, 200. Purchase equipment for $6,200 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $19,500. Depreciation for the year on the equipment is $3,200. Office supplies rem on hand at the end of the year equal $1,200.

The general ledger of Green Stream Cleaners at January 1, 2024, includes the following account balances: Debits $ 11,000 6,200 2, 200 19,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation. Salaries Payable Common Stock Retained Earnings Totals The following is a summary of the transactions for the year: 1. March 12 2. May 2 3. June 30 4. August 1 5. September 25 6. October 19 Credits $ 6,600 9,100 16,000 6,700 $ 38,400 $ 38, 400 Provide services to customers, $42, 000, of which $19, 200 is on account. Collect on accounts receivable, $16, 200. Issue shares of common stock in exchange for $5,000 cash. Pay salaries of $9,100 from 2023 (prior year). General Pay repairs and maintenance expenses, $11, 200. Purchase equipment for $6,200 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $19,500. Depreciation for the year on the equipment is $3,200. Office supplies rem on hand at the end of the year equal $1,200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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