Question

Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $ 42,000 $ 42,000 The following is a summary of the transactions for the year: 1. January 2. March 3. May 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 13 Collect on accounts receivable, $48,000. 6 Issue shares of common stock in exchange for $10,000 cash.

Answer 1

Credits Debit $ 85,000 21,000 1,000 26,000 Unadjusted trial balance as at 31st December 2021 :- Particulars Cash (4000+15000-48000+10000+8000) Accounts Receivable (9000+60000-48000) Supplies (3000-2000) Equipment Accumulated Depreciation (6000-6000) Accounts Payable Utilities Payable (5000+7000) Deferred Revenue Common stock (18000+10000) Retained earnings Service Revenue (15000+60000+6000) Depreciation expense Supplies expense Utilities expense Total 12,000 4,000 12,000 2,000 28,000 9,000 81,000 6,000 2,000 7,000 148,000 148,000