Problem 3-8A Complete the full accounting cycle (LO3, 4, 5, 6,7) The following information applies to the questions displayed below.] The general ledger of Red Storm Cleaners at January 1, 2015, Includes the following account balances: Accounts Cash Accounts Recelvable Supplies Equlpment Accumulated Depreclation Salaries Payable Common Stock Retalned Earnings Debits Credits $20,000 8,000 4,000 15,000 $5,000 7,500 25,000 9,500 Totals $47,000 $47,000 The following is a summary of the transactions for the year. a. Sales of services, $60,000, of which $21,000 is on account. b. Collect on accounts recelvable, $18,000 C. Issue shares of common stock In exchange for $6,000 cash. d. Pay salaries, $26,000 (of which $7,500 is for salarles payable In 2014). e. Pay repalrs and maintenance expenses, $13,000 f. Purchase equipment for $8,000 cash. g. Pay $1,100 cash dividends to stockholders