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 $ 4,350 9,350 3,350 33,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,400 5,400 6,400 21,500 9,350 $50,050 $50,050 The following is a summary of the transactions for the year. 1. January 24 Provide plumbing services for cash, $18,500, and on account, $63,500. 2. March 13 Collect on accounts receivable, $51,500. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $32,700. 5. September 15 Pay utilities of $6,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $9,400. 7. December 30 Pay $2,700 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $7,400. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $10,000 paid in advance by customers, $6,700 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,300.

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Answer 1

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