Question

The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Credits Debits $ 3,850 8,850 2,850 23,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 5,400 3,400 4,400 0 16,500 8,850 $38,550 $38,550 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $13,500, and on account, $58,500. 2. March 13 Collect on accounts receivable, $46,500. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $31,700. 5. September 15 Pay utilities of $4,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,400. 7. December 30 Pay $1,700 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,400. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $7,400 paid in advance by customers, $5,700 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,300.

Answer 1

Pipers Plumbing
Post Closing Trial Balance
December 31,2021
ACCOUNTS	DEBIT	CREDIT
CASH	44450
ACCOUNT RECEIVABLE	20850
SUPPLIES	1100
EQUIPMENTS	23000
ACCUMULATED DEPRECIATION		10800
ACCOUNTS PAYABLE		3400
UTILITIES PAYABLE		7300
DEFERRED REVENUE		1700
COMMON STOCK		27500
RETAINED EARNINGS		38700
DIVIDENDS
SERVICE REVENUE
SALARIES EXPENSE
UTILITIES EXPENSE
SUPPLIES EXPENSE
DEPRECIATION EXPENSE
TOTAL	89400	89400