Question

Help with Post-Closing Trial Balance sheet

Required information (The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 4,000 Accounts Receivable 9,000 Supplies 3,000 Equipment 26,000 Accumulated Depreciation $ 6,000 Accounts Payable 4,000 Utilities Payable 5,000 Deferred Revenue 0 Common Stock 18,000 Retained Earnings 9,000 Totals $ 42,000 $42,000 The following is a summary of the transactions for the year. es 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts receivable, $48,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash 4. June 30 Pay salaries for the current year, $32,000. 5. September 15 Pay utilities of $5,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $8,000. 7. December 30 Pay $2,000 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,000.

Answer 1

Answer:

Trial balance sheet

Account	Debit($)	Credit ($)
Cash	46,000
Account receivable	21,000
Supplies	1,000
Equipment	26,000
Accumulated depreciation		12,000
Account payable		4,000
Utilities payable		7,000
Deferred revenue ($8,000-$6,000)		2,000
Common stock ($18,000+$10,000)		28,000
Retained earning		41,000
Dividend	2,000
Service revenue		81,000
Salaries expense	32,000
Utilities expense	7,000
Supplies expense	2,000
Depreciation expense	6,000
Total	143,000	175,000

Income statement

Revenues:
Service provided ($15,000+$60,000+$6,000) $6,000Services has completed at the end of year out of $8,000 received advance		$81,000
Expenses:
Salaries	$32,000
Depreciation	6,000
Supplies expenses ($3,000-1,000)	2,000
Utilities	7,000
Total expenses		47,000
Net income		34,000

Cash account

Jan. 1	Opening balance	$4,000
Jan. 24	Service revenue	15,000	June 30	Salaries	$32,000
Mar. 13	Account receivable	48,000	Seo. 15	Utilities	5,000
May 6	Common stock	10,000	Dec. 30	Cash dividend	2,000
Nov. 24	Advance received from customer	8,000	Dec. 31	Ending balance	46,000
	Total	85,000		Total	85,000

Retained earning

Retained earning (beginning)	$9,000
Add: Net income	34,000
	43,000
Less: Dividend paid	(2,000)
Retained earning (ending)	41,000

Account receivable

Account receivable (beginning)	$9,000
Add: Services provide on account	60,000
Less: Cash received	(48,000)
Account receivable (ending)	21,000

Account payable