Question

Credits Debits $ 4,100 9, 100 3,100 28,000 Part 6 of 8 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 0 19,000 9.100 $44,300 points $44,300 eBook The following is a summary of the transactions for the year References 1. January 24 Provide plumbing services for cash, 516,000, 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 Paysalaries 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, $8,400. 7. December 30 Pay $2,200 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,400. Plumbing supplies remaining on hand at the end of the year equal $1,200. Or the $8.400 paid in advance by customers, 56,200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,800. Problem 3.BR Part 9

Answer 1

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. 83,200.00 Service Revenue ($16000+$61000+$6200) Income Summary (To Close revenue accounts) $ 83,200.00 $ 47,300.00 Income Summary Salaries Expense Depreciation Expense Supplies Expense ($3100-$1200) Utilities Expense (To Close Expenses accounts) 32,200.00 6,400.00 1,900.00 6,800.00 $ 35,900.00 $ 35,900.00 Retained Earnings ($83200-$47300) Income Summary (To Close balance of Income Summary to retained earnings) $ 2,200.00 Retained Earnings Dividends |(To record close dividends account to retained earnings) 2,200.00