Question

Check my work GL2-14 Complete the full accounting cycle The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: paints Debits Credits Skipped 9,300 32.000 Eccounts Cash Accounta Receivable Supplies Equipment Accumulated Depreciation Eccounts Payable Utilities Payable Datarred RAVANUR Coron Stock Retained Earnings Totale Boak $ 7,200 5,200 6,200 Print 21,000 9,300 $48,900 $48,900 Rearances The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000. 2. March 13 Collect on accounts receivable, $51,000. 3. May 6 Issue shares of common stack in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $32,600. 5. September 15 Pay utilities of $6,200 from 2020 prior year. 6. November 24 Receive canh in advance from customers, $ 9,200. 7. December 30 Pay $2,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $7,200. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,400. Requirement General Joumal General Ledger Trial Halance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet < Prev 8 of 8 Next >

Answer 1

Date	General Journal	Debit	Credit
Jan 24	Cash	$18,000
	Accounts Receivable	$63,000
	Service Revenue		$81,000
Mar 13	Cash	$51,000
	Accounts Receivable		$51,000
May 6	Cash	$10,000
	Common Stock		$10,000
June 30	Salaries Expense	$32,600
	Cash		$32,600
Sep 15	Utilities Payable	$6,200
	Cash		$6,200
Nov 24	Cash	$9,200
	Deferred Revenue		$9,200
Dec 30	Dividends	$2,600
	Cash		$2,600
Adjusting Entries
Dec 31	Depreciation Expense	$7,200
	Accumulated Depreciation		$7,200
Dec 31	Supplies Expense	$2,300
	Supplies		$2,300
	($3,300 - $1,000)
Dec 31	Deferred Revenue	$6,600
	Service Revenue		$6,600
Dec 31	Utilities Expense	$6,400
	Utilities Payable		$6,400