Question

Required Information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (The following information applies to the questions displayed below.) 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

Help with the T accounts! So far it like the numbers put into from balance sheet and Income is incorrect!

Answer 1

The following are the journal entries, T accounts/ledger accounts, and trial balance of Plper plumbing company.

DAT PAGE be Journal Entries Debit Credit Particular. 2021 79000 Jand Cash Alc. 13500 Account Receivable Alc 58500 To Service Revenue renart Being the Plumbing services to at proulded for cash and on a Account] 46500 12 Maach . Cash Ale olur 46500 Account Receivable 1 (Being the Cash Received from on Account Receivable ) 13 May Cash 11000 To common stock. 11000 Being the issue of Common Common rolig bli stock) SNOV 31700 31700 4 June Salaries To Cash being the salary, pay for the current Oyedo') or utilities Payable To Cash Being the utilities baid 4400 Soseft 4400 (Poior year)

DATE PAGE 7400 to 7yoo 6 Nov. Cash is To Jeffered Revenue Being the cash Received from customer in advance) 1700 Deo Dividends Expense To Cash Alc Being the Dividend Paid 1700 31 Dec Depreciation Expense 5400 O To Accumulated Depreciation is veral 5400 Being the Depreciation of brang Gabende ime usred on the machinery Supplies Expense pare no 1750 To supplies lo 1750 Being the supplies wood tho Sin the current year utilities Expense ad voole 7300 To utilities Payable Alc (ering utilities Expence Ineussed in but not bad) 7300 tingiti

DATE PAGE 72000 b Service Revenue 14 To Income Summasy 72000 (Being the closing entry of 124 sewice Revenue Account) to Income summary 47850 To Dividend Expense do Depreciation Expense Susit To Supplies Expence dont 1750 od istun To utilities Expense 20 Being closing of Expense Accounts MT 31700 1700 5400 1300

20 T- Accounts 1 Preparation of Cach Alc Amount Date particular Amount- Date particular 20 21 2021 Jan Balance bld 8850 June 4 Salaries 31700 and service Revenue 13500 sept5 utilities 4400 Mascht Account to Payable Receivables 46500 Deer Dividend totoo OOND Expense 1700 May 3 common stock 11000 31 Dec. Balonce cld 44450 Mout IDeffered Revenue 7400 82250 82250

DATE Amount Date: Particular. Amount 31 Dec. Balanceold, 208500 Date Particular Account Receivable Aless Jan Salomce bld I 8850 Masch2 Cash Alc. Jan 1 Service Revenue 58500 46500 67350 67350 Date particular. Dec 8 Salomce ela Common stock Amount Date Particular 27500 Jan 1 Balance bla May 3. Cash Ale. 27500 16500 11000 27500 Salaries Ale; sate. Particulas, Amount: Ammint Date Pootteular Amount 4 Jone To Cash 31700 Deci Income Summary 31700 31900 d31700 date particulas Sept 5. Cash Alo utilities Payquble Alle Amount Date Particular Amount 4400 Taml Balance bld 4400, Decal utilities 7300 Expense Ald. 7300 160 Dec 31 Balance dd. 11700

DATE PAGE Date particulas Decal Balance ald DefferedRevenue. Particulas Amount pate 7400 HOUG 7400 l Particular than Amount Balance bld leo Cash Alc 7400 7400 Datel particular Dee7 Cash Ale. Dividend ExpenseAlc. in del Amount Date Particular Amount | 31Dec. Income ut o Summary 100 1700 1700 JOC Depreciation Expense Alc. Toode particular Amount Date Particular Amount Dec 31 Accumulated Deoal Income Depreciation is Summary suso. Ale on 5400 540002 Syoo Accumulated teprenation, pate particular , Amount Date particulas Amount: To Balance ald 108oo Tani Balonce bild syoo Dee3 Depreciation 5400 Expence 10800 10800

DATE PAGE past'cular Amon Date & Particular. Dee 3 Supplies Alc. Supplies Expense Amount Date Deo 31 Income Summary bs Date and Date particulas (Deo 3 utilities Payable. utilities Expense. Amount Date particulas Anoon 7300 Deel Income Sommary 730 7300 7300 Demont voluntos Income Summary Date particulas Amount Date Particular Amount: Dec 31 Salary 31700 Deo 31 Service for Dividend Exp 1700 cona Revenue. 19000 con Depreciation 5400 hour supplies Exbe | 1750 ). room utilities Exb, 7300.com 24150.00 50 Retained Corning 72000 7 quod 030 Jatel Retained Earning Particular Amount Date Balencecld. 33000 pJan ? Jan Balance ble Income Amounty Dave 8850 Summary 24150 33 000 33000

PAGE = what is Post closing trail balance ? Post closing trail balanced prepared after Closing all the nominal accounts such as all the Bon Revenue and Expense Accounts fra

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