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 $6,200 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. 4. Prepare an unadjusted trial balance. Answer is not complete. Credit RED STORM CLEANERS Unadjusted Trial Balance December 31, 2021 Accounts Dobit Cash $ 18,000 Accounts Receivable 7,000 Supplies 3,600 Equipment 13,000 X Accumulated Depreciation $ Salaries Payable Common Stock Retained Earnings Dividends 1,000 Service Revenue Salaries Expense Repairs and Maintenance Expense 12,600 Depreciation Expense Supplies Expense Totals $ 55,200 4,200 6,200 X 23,000 8,800 42,200 7. Prepare an adjusted trial balance, RED STORM CLEANERS Adjusted Trial Balance December 31, 2021 Debit Accounts Cash Credit Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals $ $ 0 $ 0 8-a. Prepare the income statement for the year ended December 31, 2021. RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Service Revenue Expenses: Repairs and Maintenance Expense Salaries Expense Depreciation Expense Supplies Expense Total expenses 0 9. Record closing entries. (If no entry is required for a particular transaction/event, selec account field.) View transaction list Journal entry worksheet