Hh2. Required informationProblem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:CreditsAccountsCashAccounts ReceivableSuppliesEquipmentAccumulated DepreciationSalaries PayableCommon StockRetained Earnings.TotalsDebits$16,5001. March.2. May3. June7,3003,30011,500.$ 3,6005,60021,5007,900$38,600 $38,600The following is a summary of the transactions for the year:12 Provide services to customers, $53,000, of which $20,300 is on account.2 Collect on accounts receivable, $17,300.30 Issue shares of common stock in exchange for $5,000 cash.1 Pay salaries of $5,600 from 2020 (prior year).4. August5. September 25 Pay repairs and maintenance expenses, $12,300.6. October 19 Purchase equipment for $7,300 cash.7. December 30 Pay $1,000 cash dividends to stockholders.Problem 3-8A Parts 1, 3, 6 and 10 Beg. BalEnd. BalBeg. BalEnd. Bal.Beg. Bal.End. BalBeg. Bal.End. Bal.Beg. BalEnd. BalShow Transcribed TextBeg. BalEnd. BalCashBeg. Bal.0End, Bal.SuppliesAccumulated Depreciation0Common StockService RevenueShow Transcribed TextSalaries Expense0Depreciation Expense000Beg. Bal.End. Bal.Beg. BalEnd. Bal.Beg. BalEnd. BalIBeg. BalEnd. Bal.Beg. BalEnd. Bal,Beg. BalEnd. BalBeg. Bal.End. Bal.Accounts Receivable0EquipmentSalaries Payable+0Retained EarningsDividends00Repairs and Maintenance Expense0Supplies Expense0

Journal entries recording is the first step in accounting cycle process, under which atleast one…

Beg. Bal End. Bal Beg. Bal End. Bal. Beg. Bal End. Bal. Cash 0 Supplies Accumulated Depreciation 0 Show Transcribed Text 2 Beg. Bal End. Bal. Beg Bal End. Bal. Beg Bal End. Bal ( Accounts Receivable Equipment 0 Salaries Payable

Beg. Bal End. Bal Beg. Bal End. Bal. Beg. Bal End. Bal. Cash 0 Supplies Accumulated Depreciation 0 Show Transcribed Text 2 Beg. Bal End. Bal. Beg Bal End. Bal. Beg Bal End. Bal ( Accounts Receivable Equipment 0 Salaries Payable

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...

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Question

Hh2.

Required information
Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:
Credits
Accounts
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Salaries Payable
Common Stock
Retained Earnings.
Totals
Debits
$16,500
1. March.
2. May
3. June
7,300
3,300
11,500.
$ 3,600
5,600
21,500
7,900
$38,600 $38,600
The following is a summary of the transactions for the year:
12 Provide services to customers, $53,000, of which $20,300 is on account.
2 Collect on accounts receivable, $17,300.
30 Issue shares of common stock in exchange for $5,000 cash.
1 Pay salaries of $5,600 from 2020 (prior year).
4. August
5. September 25 Pay repairs and maintenance expenses, $12,300.
6. October 19 Purchase equipment for $7,300 cash.
7. December 30 Pay $1,000 cash dividends to stockholders.
Problem 3-8A Parts 1, 3, 6 and 10

Beg. Bal
End. Bal
Beg. Bal
End. Bal.
Beg. Bal.
End. Bal
Beg. Bal.
End. Bal.
Beg. Bal
End. Bal
Show Transcribed Text
Beg. Bal
End. Bal
Cash
Beg. Bal.
0
End, Bal.
Supplies
Accumulated Depreciation
0
Common Stock
Service Revenue
Show Transcribed Text
Salaries Expense
0
Depreciation Expense
0
0
0
Beg. Bal.
End. Bal.
Beg. Bal
End. Bal.
Beg. Bal
End. Bal
I
Beg. Bal
End. Bal.
Beg. Bal
End. Bal,
Beg. Bal
End. Bal
Beg. Bal.
End. Bal.
Accounts Receivable
0
Equipment
Salaries Payable
+
0
Retained Earnings
Dividends
0
0
Repairs and Maintenance Expense
0
Supplies Expense
0

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