9. Record closing entries. Of no entry is required for a particular transaction/event, select "No journal entry required in the firstaccount field.)View transactionJournal entry worksheet< 13>Record the closing entry for revenue.Note: Enter debts before credDataDecember 31,2021Record entryGeneral JournalClear entryDebitCreditView general journal Required informationThe general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:AppuntaDebit CreditaCash$15,000Accounts Receivable7,000Supplies3,000Equipment10,000Accumulated Depreciation$3,0005,000Salaries PayableCommon Stock20,0007.000Retained EarningsTotala$35,000 $35,000The following is a summary of the transactions for the year:1. March12 Provide services to customers, $50,000, of which $20,000 ie on account.2 Collect on accounts receivable, $17,000.2. May3. June30 Issue shares of common stock in exchange for $5,000 cash.4. August1 Pay salaries of $5,000 from 2020 (prior year).5. September 25 Pay repairs and maintenance expenses, $12,000.6. October19 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 firstaccount field.)

In preparation of closing journal entries all temporary accounts are transferred Permanent accounts.…

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

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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