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:

   

  AccountsDebitsCredits
  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.

 

 

 

 

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