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3 years ago

The general ledger of Red Storm Cleaners has the following summary of the transactions for the year:

Business

1 answer:

Darina [25.2K]3 years ago

6 0

Answer:

The journal entry for each transaction is given below.

1. March 12 Provide services to customers, $60,000, of which $21,000 is on account.

Debit Cash $ 21,000

Debit Receivable $ 39,000

Credit Revenue $ 60,000

2. May 2 Collect on accounts receivable, $18,000.

Debit Cash $ 18,000

Credit Receivable $ 18,000

3. June 30 Issue shares of common stock in exchange for $6,000 cash.

Debit Cash $ 6,000

Credit Common Stock $ 6,000

4. August 1 Pay salaries of $7,500 from 2020 (prior year).

Debit Salaries Expense $ 7,500

Credit Cash $ 7,500

5. September 25 Pay repairs and maintenance expenses, $13,000.

Debit Repairs and maintenance expenses $ 13,000

Credit Cash $ 13,000

6. October 19 Purchase equipment for $8,000 cash.

Debit Equipment Asset $ 8,000

Credit Cash $ 8,000

7. December 30 Pay $1,100 cash dividends to stockholders.

Debit Dividend payable/Retain Earning $ 1,100

Credit Cash $ 1,100

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