Question

Check The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4, 100 9.100 3,100 28,000 Part 8 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 points 19,000 9,100 $44.300 $44,300 Book The following is a summary of the transactions for the year: Debrece 1. January 24 Provide plumbing services for cash, $16,000, and on account, 361,000. 2. March 13 Collect on accounts receivable, 349,000. 3. May 6 Issue whares of common stock in exchange for $12,000 cash. 4. June 30 Pay salaries for the current year, 12.200. 5. September 15 Pay tilities of $5,400 tree 2020 (prior year). 6. November 24 Receive cash in advance from customers, 58.400. 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. Of the $8.400 paid in advance by customers, $6.200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,800.

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

Answer Pipers Plumbing Post Closing Trial Balance 4 December 31,2021 5 Accounts Debit Credit 6 Cash (4100+16000+49000+12000-32200-5400+8400-2200)|| 49700 7 Account Receivable (9100+61000-49000) 21100 8 Supplies (3100-1900) 1200 9 Equipment 28000 10 Accumulated Depreciation (6400+6400) 11 Account Payable 12 Utilities Payable (5400-5400+6800) 13 Deferred Revenue (8400-6200) 14 Common Stock (19000+12000) 15 Retained Earnings 16 Dividends 2200 17 Service revenue (16000+61000+6200) 18 Salaries expense 32200 19 Utilities expense 6800 20 Supplies Expense 1900 21 Depreciation Expense 6400 22 Total 149500 12800 4400 6800 2200 31000 9100 83200 149500 24 Note 25 All the transactions and adjusting entries has been considered for pos closing trial balance.