Question

In: Accounting

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.

Solutions

Expert Solution


ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

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 $ 19,000   Accounts Receivable 7,800   Supplies 3,800   Equipment 14,000      Accumulated Depreciation $ 4,600   Salaries Payable 6,600   Common Stock 24,000   Retained Earnings 9,400        Totals $ 44,600 $ 44,600    The following is a summary of the transactions for the year: March 12 Provide services to customers, $58,000, of which $20,800 is on account. May 2 Collect on accounts receivable,...
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 $ 12,000   Accounts Receivable 6,400   Supplies 2,400   Equipment 18,000      Accumulated Depreciation $ 6,200   Salaries Payable 8,700   Common Stock 17,000   Retained Earnings 6,900        Totals $ 38,800 $ 38,800     The following is a summary of the transactions for the year: March 12 Provide services to customers, $44,000, of which $19,400 is on account. May 2 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021, 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 account. 2. May 2 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 13,000 Accounts Receivable 6,600 Supplies 2,600 Equipment 17,000    Accumulated Depreciation $ 5,800 Salaries Payable 8,300 Common Stock 18,000 Retained Earnings 7,100 Totals $ 39,200 $ 39,200 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $46,000, of which $19,600 is on account. 2. May 2 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 13,000 Accounts Receivable 6,600 Supplies 2,600 Equipment 17,000    Accumulated Depreciation $ 5,800 Salaries Payable 8,300 Common Stock 18,000 Retained Earnings 7,100 Totals $ 39,200 $ 39,200 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $46,000, of which $19,600 is on account. 2. May 2 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 13,000 Accounts Receivable 6,600 Supplies 2,600 Equipment 17,000    Accumulated Depreciation $ 5,800 Salaries Payable 8,300 Common Stock 18,000 Retained Earnings 7,100 Totals $ 39,200 $ 39,200 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $46,000, of which $19,600 is on account. 2. May 2 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 14,000 Accounts Receivable 6,800 Supplies 2,800 Equipment 16,000    Accumulated Depreciation $ 5,400 Salaries Payable 7,900 Common Stock 19,000 Retained Earnings 7,300 Totals $ 39,600 $ 39,600 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $48,000, of which $19,800 is on account. 2. May 2 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 14,000 Accounts Receivable 6,800 Supplies 2,800 Equipment 16,000    Accumulated Depreciation $ 5,400 Salaries Payable 7,900 Common Stock 19,000 Retained Earnings 7,300 Totals $ 39,600 $ 39,600 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $48,000, of which $19,800 is on account. 2. May 2 Collect on accounts receivable,...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Account...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Account Debit Credit Cash $25,200 Accounts Receivable 46,400 Allowance for Uncollectible Accounts $4,300 Inventory 20,100 Land 47,000 Equipment 16,000 Accumulated Depreciation 1,600 Accounts Payable 28,600 Notes Payable (6%, due April 1, 2019) 51,000 Common Stock 36,000 Retained Earnings 33,200 Totals 154,700 154,700 During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year...
On January 1, 2018, the general ledger of TNT Fireworks includes the following account balances:   ...
On January 1, 2018, the general ledger of TNT Fireworks includes the following account balances:      Accounts Debit Credit   Cash $ 59,200   Accounts Receivable 26,000   Allowance for Uncollectible Accounts 2,700   Inventory 36,800   Notes Receivable (5%, due in 2 years) 18,000   Land 160,000   Accounts Payable 15,300   Common Stock 225,000   Retained Earning 57,000        Totals $ 300,000 $ 300,000    During January 2018, the following transactions occur:    January 1. Purchase equipment for $20,000. The company estimates a residual value of $2,000 and...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT