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	Debits			Credits
Cash	$	11,500
Accounts Receivable		6,300
Supplies		2,300
Equipment		18,500
Accumulated Depreciation				$	6,400
Salaries Payable					8,900
Common Stock					16,500
Retained Earnings					6,800
Totals	$	38,600		$	38,600

The following is a summary of the transactions for the year:

a.	Sales of services, $43,000, of which $19,300 is on account.
b.	Collect on accounts receivable, $16,300.
c.	Issue shares of common stock in exchange for $4,000 cash.
d.	Pay salaries, $24,300 (of which $8,900 is for salaries payable in 2014).
e.	Pay repairs and maintenance expenses, $11,300.
f.	Purchase equipment for $6,300 cash.
g.	Pay $1,200 cash dividends to stockholders.

References

Section BreakProblem 3-8A Complete the full accounting cycle (LO3, 4, 5, 6, 7)

3.

value: 2.22 points

Required information

Problem 3-8A Part 2

2.	Record each of the summary transactions listed above. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

rev: 06_09_2016_QC_CS-53190

References

eBook & Resources

Problem ALearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries.

Problem 3-8A Part 2Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance.

Difficulty: HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.

Ask your instructor a questionCheck my work

4.

value: 2.22 points

Required information

Problem 3-8A Part 4

4.	Prepare an unadjusted trial balance.

References

eBook & Resources

Problem ALearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries.

Problem 3-8A Part 4Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance.

Difficulty: HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.

Ask your instructor a questionCheck my work

5.

value: 2.22 points

Required information

Problem 3-8A Part 5

5.	Record adjusting entries. Accrued salaries at year-end amounted to $1,200. Depreciation for the year on the equipment is $3,300. Office supplies remaining on hand at the end of the year equal $1,100. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

References

eBook & Resources

Problem ALearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries.

Problem 3-8A Part 5Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance.

Difficulty: HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.

Ask your instructor a questionCheck my work

6.

value: 2.22 points

Required information

Problem 3-8A Part 7

7.	Prepare an adjusted trial balance.

References

eBook & Resources

Problem ALearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries.

Problem 3-8A Part 7Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance.

Difficulty: HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.

Ask your instructor a questionCheck my work

7.

value: 2.22 points

Required information

Problem 3-8A Part 8

8-a.	Prepare the income statement for the year ended December 31, 2015.

8-b.	Prepare the classified balance sheet for the year ended December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)

References

eBook & Resources

Problem ALearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries.

Problem 3-8A Part 8Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance.

Difficulty: HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.

Ask your instructor a questionCheck my work

8.

value: 2.22 points

Required information

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.)

References

eBook & Resources

Problem ALearning Objective: 03-03 Demonstrate the purposes and recording of adjusting entries.Learning Objective: 03-06 Demonstrate the purposes and recording of closing entries.

Problem 3-8A Part 9Learning Objective: 03-04 Post adjusting entries and prepare an adjusted trial balance.Learning Objective: 03-07 Post closing entries and prepare a post-closing trial balance.

Difficulty: HardLearning Objective: 03-05 Prepare financial statements using the adjusted trial balance.

Ask your instructor a questionCheck my work

9.

value: 2.24 points

Required information

Problem 3-8A Part 11

11.	Prepare a post-closing trial balance.

References

eBook & Resources

I got part 5