Chapter 3 Homework i Saved 11 Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Part 6 of 7 parto? 0.66 points Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits Credits $15,000 7,000 3,000 10,000 $ 3,000 5,000 20,000 7,000 $ 35,000 $35,000 eBook The following is a summary of the transactions for the year: Print o References 1. March 12 Provide services to customers, $50,000, of which $20,000 is on account. 2. May 2 Collect on accounts receivable, $17,000. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $5,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,000. 6. October 19 Purchase equipment for $7,000 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 December 31, 2021 Service Revenue