Question

00 The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Part 7 of 8 Debits $ 4,100 9,100 3,100 28,000 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 points 19,000 9,100 $44,300 eBook $44,300 References The following is a summary of the transactions for the year: 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 In shares of common stock in exchange for $12,000 cash. 4. June 30 Pay salaries for the current year, 1.200. 5. September 15 Pay utilities of $5,400 From 2020 (prior year). 6. November 24 Receive cash in advance from customers, 38,400. 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 and amounted to $6.800

Answer 1

Common Stock Bal. Bal. Plumbing Service Re Accounts Receivable Common Stock Deferred Revenue Bal. Cash 4100 Salaries Expense 16000 Utilities Payable 49000 Dividends 12000 8400 Bal. 89500 32200 5400 2200 31000 Cash 31000 19000 12000 31000 49700 89500 Dividends Bal. Retained Earnings 2200 Bal. 42800 Income Summary 45000 9100 35900 45000 49000 Accounts Receivable Bal. 9100 Cash Plumbing Service Re 61000 Bal. 70100 Dividends 2200 Retained Earnings Cash 2200 21100 70100 2200 2200 Bal. Supplies 3100 Supplies Expense Bal. 1900 1200 3100 3100 Plumbing Service Revenue Cash Accounts Receivable 83200 Deferred Revenue 83200 16000 61000 6200 83200 Income Summary Bal. Equipment 28000 Bal. 28000 28000 28000 Cash Salaries Expense 32200 Income Summary 32200 32200 32200 Accum. Depre - Equip Bal. 12800 Depreciation Expe 12800 Bal. 6400 6400 12800 Utilities Expense Utilities Payable 6800/ Income Summary 6800 6800 6800 Accounts Payable Bal. 4400 Bal. 4400 4400 4400 Depreciation Expense Accum. Depre - Eq 6400 Income Summary 6400 6400 6400 Utilities Payable 5400 Bal. Cash 5400 Supplies Expense 5400 5400 Supplies 1900 Income Summary 1900 1900 1900 Deferred Revenue Plumbing Service Re 6200 Cash 8400 Bal. 2200 8400 8400