The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 15,000 Accounts Receivable 7,000 Supplies 3,000 Equipment 10,000 Accumulated Depreciation $ 3,000 Salaries Payable 5,000 Common Stock 20,000 Retained Earnings 7,000 Totals $ 35,000 $ 35,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $50,000, of which $20,000 is on account. 2. May 2 Collect on accounts receivable, $17,000. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $5,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,000. 6. October 19 Purchase equipment for $7,000 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $21,000. Depreciation for the year on the equipment is $4,000. Office supplies remaining on hand at the end of the year equal $1,000.Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)