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The general ledger of Red Storm Cleaners at January 1, 2015, includes the following account balances;AccountsDebitsCredits Cash$14,000 Accounts Receivable 6,800 Supplies 2,800 Equipment 16,000 Accumulated Depreciation $5,400

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The general ledger of Red Storm Cleaners at January 1, 2015, 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;a. Sales of services, $48,000, of which $19,800 is on account.;b. Collect on accounts receivable, $16,800.;c. Issue shares of common stock in exchange for $5,000 cash.;d. Pay salaries, $24,800 (of which $7,900 is for salaries payable in 2014).;e. Pay repairs and maintenance expenses, $11,800.;f. Purchase equipment for $6,800 cash.;g.;Pay $1,000 cash dividends to stockholders.;Record the service revenue for the year.;Record the collection of accounts receivable.;Record the service revenue for the year.;Record the collection of accounts receivable.;Record the issuance of additional stock.;Record the service revenue for the year.;Record the collection of accounts receivable.;Record the issuance of additional stock.;Record the payment of salaries;Record the service revenue for the year.;Record the collection of accounts receivable.;Record the issuance of additional stock.;Record the payment of salaries.;Record repairs and maintenance expense.;Record the service revenue for the year.;Record the collection of accounts receivable.;Record the issuance of additional stock.;Record the payment of salaries.;Record repairs and maintenance expense.;Record the purchase of equipment.;Record the service revenue for the year.;Record the collection of accounts receivable.;Record the issuance of additional stock.;Record the payment of salaries.;Record repairs and maintenance expense.;Record the purchase of equipment.;Record the payment of cash dividends.;Record repairs and maintenance expense.;Record repairs and maintenance expense.

 

Paper#74549 | Written in 18-Jul-2015

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