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The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account balances:...

The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account balances:

   

  Accounts Debits Credits
  Cash $ 13,500
  Accounts Receivable 6,700
  Supplies 2,700
  Equipment 16,500   
  Accumulated Depreciation $ 5,600
  Salaries Payable 8,100
  Common Stock 18,500
  Retained Earnings 7,200
       Totals $ 39,400 $ 39,400

   

The following is a summary of the transactions for the year:

  1. March 12 Provide services to customers, $47,000, of which $19,700 is on the account.
  2. May 2 Collect on accounts receivable, $16,700.
  3. June 30 Issue shares of common stock in exchange for $6,000 cash.
  4. August 1 Pay salaries, $24,700 (of which $8,100 is for salaries payable in 2017).
  5. September 25 Pay repairs and maintenance expenses, $11,700.
  6. October 19 Purchased equipment for $6,700 cash.
  7. December 30 Pay $1,100 cash dividends to stockholders.
  8. Accrued salaries at the year-end amounted to $1,100. Depreciation for the year on the equipment is $3,700. Office supplies remaining on hand at the end of the year equal $1,000

Prepare an adjusted trial balance.

Prepare the income statement for the year ended December 31, 2018.

Record closing entries

Prepare a post-closing trial balance.

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Expert Solution


ekkarill92 answered 2 years ago
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