Question

routem JOD LUPIELE UTE I ALLUMILITY LYLI 33, 34, 35, 30, 3-1) [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 $ 3,500 8,500 2,500 16,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 4,000 2,000 3,000 0 13,000 8.500 $30,500 $30,500 The following is a summary of the transactions for the year 1. January 24 Provide plumbing services for cash, $10,000, and on account, $55,000. 2. March 13 Collect on accounts receivable, $43,000. 3. May 6 Issue shares of common stock in exchange for $12,000 ch 4. June 30 Pay salaries for the current year, $31.000. 5. September 15 Pay utilities of $3,000 from 2020 (prior year) 6. November 24 Receive cash in advance from customers, 56,000 7. December 30 Pay $1,000 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,000. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $6,000 paid in advance by customers, $5,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $8,000

Answer 1

Credit Calculation Pipers Plumbing Journal entries No. Date Account 1 24-Jan Cash Accounts Receivable Service Revenue Debit $ 10,000 $ 55,000 $ 65,000 $ 43,000 2 13-Mar Cash Accounts Receivable $ 43,000 3 $ 12,000 6-May Cash Common Stock $ 12,000 4 $ 31,000 30-Jun Salaries expense Cash $ 31,000 5 $ 3,000 15-Sep Utilties Payable Cash $ 3,000 6 $ 6,000 24-Nov Cash Deferred Revenue $ 6,000 $ 1,000 $ 1,000 7 30-Dec Dividends Cash Adjusting entries 8 31-Dec Depreciation expense Accumulated Depreciation $ 4,000 $ 4,000 $ 1,300 =2,500-1,200 9 31-Dec Supplies expenses Supplies $ 1,300 $ 5,000 10 31-Dec Deferred Revenue Service Revenue $ 5,000 $ 8,000 $ 8,000 11 31-Dec Utilties expenses Utilties Payable Closing entries 12 31-Dec Service Revenue Retained Earnings $ 70,000 $ 70,000 $ 44,300 13 31-Dec Retained Earnings Salaries expense Utilties expenses Supplies expenses Depreciation expense $ 31,000 $ 8,000 $ 1,300 $ 4,000 $ 1,000 14 31-Dec Retained Earnings Dividends $ 1,000

Date Date Date Credit Pipers Plumbing T Accounts Date Debit Date Credit Cash Op bal $ 3,500 30-Jun $ 31,000 24-Jan $10,000 15-Sep $ 3,000 13-Mar $ 43,000 30-Dec $ 1,000 6-May $ 12,000 24-Nov $ 6,000 Debit Date Credit Accounts Receivable $ 8,500 $ 55,000 13-Mar $ 43,000 Debit Date Credit Supplies $ 2,500 31-Dec $ 1,300 Debit Date Equipment $ 16,000 Op bal Op bal Op bal 24-Jan Bal. Bal. Bal. $ 39,500 Accumulated Depreciation Op bal $ 4,000 31-Dec $ 4,000 $ 20,500 Accounts Payable Op bal $ 1,200 Utilties Payable $ 3,000 Op bal $ 3,000 31-Dec $ 8,000 Bal. $ 16,000 Deferred Revenue Op bal $ . 31-Dec $ 5,000 24-Nov $ 6,000 $ 2,000 15-Sep $ 8,000 8,000 $1,000 Bal. Common Stock Op bal 6-May Bal. $ 2,000 Retained Earnings 31-Dec $ 44,300 Op bal $ 8,500 31-Dec $ 1,000 31-Dec $ 70,000 Bal. $ Dividends $ 1,000 31-Dec $ $ 13,000 $ 12,000 Bal. Service Revenue 24-Jan 31-Dec $ 70,000 31-Dec 30-Dec $ 65,000 $ 5,000 1,000 Bal. $ 25,000 Salaries expense $ 31,000 31-Dec $ 31,000 Bal. $33,200 Bal. Utilties expenses 31-Dec $ 8,000 31-Dec $ 8,00031-Dec Bal. $ - Depreciation expense 31-Dec $ 4,000 31-Dec $ 4,000 Supplies expenses $ 1,300 31-Dec $ 30-Jun 1,300 Bal. $ . Bal. $ - Bal. $ - Bal. $

Pipers Plumbing Account Names Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilties Payable Deferred Revenue Common Stock Retained Earnings Totals Post Closing TB Debit Credit 39,500 20,500 1,200 16,000 8,000 2,000 8,000 1,000 25,000 33,200 77,200 77,200