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.) of 8 The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balar Credits Debits $ 4,100 9,100 3,100 28,000 eBook Print Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,400 4,400 5,400 leferences 19,000 9,100 $44,300 $44,300 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $16,000, and on account, $61,000. 2. March 13 Collect on accounts receivable, $49,000. 3. May 6 Issue shares of common stock in exchange for $12,000 cash. 4. June 30 Pay salaries for the current year, $32,200. 5. September 15 Pay utilities of $5,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, S8,400. 7. December 30 Pay $2,200 cash dividends to stockholders. ries of $5, ce from

Answer 1

Answer: Credit No. 1. Date Jan 24 Debit 16,000 61,000 77,000 Mar 13 49,000 49,000 3. May 6 12,000 12,000 General Journal Cash Accounts Receivable Service Revenue (To record Service rendered) Cash Accounts Receivable (To record cash collected from Accounts Receivable) Cash Common Stock (To record Common stock issued) Salaries Expense Cash (To record Salaries paid) Utilities Payable Cash (To record Utilities paid) Cash Deferred Revenue (To record cash received in advance) Dividend Cash (To record Dividend paid) 4. June 30 32,200 32,200 Sep 15 5,400 5,400 Nov 24 8,400 8,400 7. Dec 30 2,200 2,200