nheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.uark.edu%252Fwebapps% Homework Saved Help Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $17,500 7,500 3,500 12,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,000 6, eee 22,500 8,500 $41,000 $41,000 The following is a summary of the transactions for the year. 1. March 12 Provide services to customers, $55,000, of which $20,500 isTon account. 2. May 2 Collect on accounts receivable, $17,5ee. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $6,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,500. 6. October 19 Purchase equipment for $7,500 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. Required information 1 Required information 1 2 3 of 7 Record the closing entry for expenses. Note: Enter debits before credits. 5045 General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal Required information 2 3 Record the closing entry for cash dividends. Note: Enter debits before credits. 38 Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal nheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.uark.edu%252Fwebapps% Homework Saved Help Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $17,500 7,500 3,500 12,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,000 6, eee 22,500 8,500 $41,000 $41,000 The following is a summary of the transactions for the year. 1. March 12 Provide services to customers, $55,000, of which $20,500 isTon account. 2. May 2 Collect on accounts receivable, $17,5ee. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $6,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,500. 6. October 19 Purchase equipment for $7,500 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. Required information 1 Required information 1 2 3 of 7 Record the closing entry for expenses. Note: Enter debits before credits. 5045 General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal Required information 2 3 Record the closing entry for cash dividends. Note: Enter debits before credits. 38 Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal