Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It di 0 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: Accounts Debits Credits Cash $18,000 Accounts Receivable 7,600 Supplies 3,600 Equipment 13,000 Accumulated Depreciation $ 4,200 Salaries Payable 6,200 Common Stock 23,000 Retained Earnings 8,800 Totals $42,200 $42,200 The following is a summary of the transactions for the year 1. March 12 Provide services to customers, $56,000, of which $20,600 is on account. 2. May 2 Collect on accounts receivable, $17,600. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $6,209 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,600. 6. October 19 Purchase equipment for $7,600 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. oblem 3-8A Part 9 Na walanteria in the first to stockholders. Problem 3-8A Part 9 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 December 31, 202 Service Revenue 56,000 Deferred Revenue 56,000 2 December 31, 202 Salaries Payable 19,500 Salaries Expense Depreciation Expense Supplies Repairs and Maintenance Expense 19,500 4,600 2,600 12,600 3 1,000 December 31, 202 Accounts Payable XS 1,000 Dividends 18 20 Next > Prey 19 of 20