10 Mc Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Cashi Accounts Receivable Debit Credita $20,000 8,000 Book Supplies 4,000 Equipment 15,000 Accumulated Depreciation 55,000 Pe Common Stock Referen Salaries Payable Retained Earning Totals 7,500 25.000 9,500 $47,000 $47,000 The following is a summary of the transactions for the year 1. March 2. May 3. June 4. Naguat 12 Provide services to customers, $60,000, of which $21,000 is on account. 2 Collect on accounts receivable, $18,000. 30 Issue shares of common stock in exchange for $6,000 cash. 1 Pay salaries of $7,500 fron 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $13,000. 6. October 19 Purchase equipment for $8,000 canh. 7. December 30 Pay $1,100 cash dividends to stockholders, The following information is available for the adjusting entries Accrued salaries at year-end amounted to $19.600. depreciation for the year on the equipment is $5,000 Office supplies remaining s on hand at the end of the year equal $1,200. General Requirement Journal General Trial Balance Ledger Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances i Prev 1 of 1 Next D oints General Requirement Journal General Trial Balance Ledger Income Statement Balance Sheet eBook Print References Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Red Storm Cleaners Income Statement For the Year Ended December 31, 2021 Revenues: Total Revenues Expenses: Total expenses + 0 $ 0 D Dints Requirement General Journal General Ledger Trial Balance Income Statement Balange Sheet eBook Print The balance sheet is the accounting equation: Assets Liabilities + Equity. Elance Sheet ability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing References Assets Current assets: Total current assets Long-term assets: Total Assets Red Storm Cleaners Balance Sheet December 31, 2021 0 Liabilities Current liabilities Total current liabilities 0 Stockholders' Equity 0 0 Total stockholders' equity $ 0 Total Liabilities and Stockholders' Equity $