Question

please complete the required. the general journal, income statement, and balance sheet.

GL2-14 Complete the full accounting cycle The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 3.900 8,900 2.900 24,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $5.600 3.600 4.600 17,000 8,900 $39,700 $39,700 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $14,000, and on account, $59.000. 2. March 13 Collect on accounts receivable, $47,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $31,800. 5. September 15 Pay utilities of $4,600 from 2020 (prior year). 6. Novenber 24 Receive cash in advance from customers, $7,600. 7. December 30 Pay $1,800 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,600. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $7,600 paid in advance by customers, $5,800 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,200.

Answer 1

1) journal entry:
Date	Acc titles	Debit $	Credit $
2021
24-Jan	Cash	14000
	Accounts Receivable	59000
	Service revenue		73000
	(service revenue recorded)
13-Mar	Cash	47000
	Accounts Receivable		47000
	(collection from debtors)
6-May	Cash	10000
	Common Stock		10000
	(stock issued of cash)
30-Jun	Salaries expense	31800
	cash		31800
	(salaries paid)
15-Sep	utilities payable	4600
	Cash		4600
	(utilities payable are paid off)
24-Nov	Cash	7600
	Deferred Revenue		7600
	(unearned revenue recorded)
30-Dec	Dividend	1800
	Cash		1800
	(dividend paid )
ADJUSTMENT ENTRIES:
31-Dec	Depreciation expense	5600
	Acc Depreciation		5600
	(depreciation exp. Booked)
31-Dec	Supplies expense	1900
	Supplies		1900
	(supplies exp. Recorded)
31-Dec	Deferred Revenue	5800
	Service revenue		5800
	(service revenue recorded of Unearned revenues)
31-Dec	Utilities expense	7200
	utilities payable		7200
	(utilities expense recorded)

2) T-Accounts:
DEBIT	AMOUNT $	CREDIT	AMOUNT $
Cash a/c
OB	3900	30-Jun	31800
24-Jan	14000	15-Sep	4600
13-Mar	47000	30-Dec	1800
6-May	10000	CB	44300
24-Nov	7600
Accounts Receivable a/c
OB	8900	13-Mar	47000
24-Jan	59000	CB	20900
Supplies a/c
OB	2900	31-Dec	1900
		CB	1000
Equipment a/c
OB	24000
Acc Depreciation a/c
CB	11200	OB	5600
		31-Dec	5600
Accounts Payable a/c
		OB	3600
Utilities payable a/c
15-Sep	4600	OB	4600
CB	7200	31-Dec	7200
Deferred Revenue
31-Dec	5800	24-Nov	7600
CB	1800
Common Stock a/c
CB	27000	OB	17000
		6-May	10000
Retained Earnings a/c
		OB	8900
Salaries expense a/c
30-Jun	31800
Dividend a/c
30-Dec	1800
Depreciation expense a/c
31-Dec	5600
Supplies expense a/c
31-Dec	1900
Service Revenue a/c
CB	78800	24-Jan	73000
		31-Dec	5800
Utilities expense a/c
31-Dec	7200

3) Trial balance:
Acc titles	Debit $	Credit $
Cash	44300
AR	20900
Supplies	1000
Equipment	24000
Acc Dep.		11200
AP		3600
utilities payable		7200
Deferred Rev.		1800
Com Stock		27000
Retained Earnings		8900
Salaries exp.	31800
Dividend	1800
Dep exp.	5600
Supplies exp.	1900
Service rev.		78800
Utilities exp.	7200
Total	138500	138500

4) Income Statement:
Service rev.	78800
Less: expenses:
Salaries exp.	31800
Dep exp.	5600
Supplies exp.	1900
Utilities exp.	7200
Total expenses	46500
Income before tax	32300
Less: Income tax	0
Net Income	32300
5) Balance Sheet:
Assets:
Cash	44300
AR	20900
Supplies	1000
Current Assets	66200
Equipment	24000
Acc Dep.	-11200
Total Assets	79000
Liabilities & SH Eq.:
AP	3600
utilities payable	7200
Deferred Rev.	1800
Current Liabilities	12600
Stockholders' Equity:
Com Stock	27000
Retained Earnings	8900
Add:Net Income	32300
Less:Dividend	-1800
Total SH Equity	66400
Total Liabilities & Sh Eq.	79000