Accounts Receivable 9,500 3,500 36,000 Supplien Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 8,000 6,000 7,000 23,000 9,500 Totals $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 2. March 3. May 4. June 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 7. December 24 Provide plumbing services for canh, $20,000, and on account, $65,000. 13 Collect on accounts receivable, $53,000. 6 Issue shares of common atock in exchange for $11,000 cash. 30 Pay salaries for the current year, $33,000. 24 Receive cash in advance from customers, $10,000. 30 Pay $3, 000 cash dividends to stockholders. The following information is available for the adjusting entries.
Accounts Receivable 9,500 3,500 36,000 Supplien Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 8,000 6,000 7,000 23,000 9,500 Totals $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 2. March 3. May 4. June 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 7. December 24 Provide plumbing services for canh, $20,000, and on account, $65,000. 13 Collect on accounts receivable, $53,000. 6 Issue shares of common atock in exchange for $11,000 cash. 30 Pay salaries for the current year, $33,000. 24 Receive cash in advance from customers, $10,000. 30 Pay $3, 000 cash dividends to stockholders. The following information is available for the adjusting entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![6 Issue shares of commoh stock IN
3. May
4. June
5. September 15 Pay utilities of $7,000 from 2020 (prior year).
6. November
7. December
30 Pay salaries for the current year, $33,000.
24 Receive cash in advance from customers, $10,000.
30 Pay $3,000 cash dividends to stockholders.
The following information is available for the adjusting entries.
Depreciation for the year on the machinery is $8,000. Plumbing supplies remaining on hand at the end of the year
equal $1,100. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the
year. Accrued utilities at year-end amounted to $6,000.
11. Prepare a post-closing trial balance.
PIPERS PLUMBING
Post-Closing Trial Balance
December 31, 2021
Debit
Credit
Accounts
Cash
Accounts Receivable
Supplies](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e040603-84c5-4f6a-8e32-d8a2833a4202%2F87ee3b58-1a5c-4560-bca2-09cd001d881d%2F6p98fl5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:6 Issue shares of commoh stock IN
3. May
4. June
5. September 15 Pay utilities of $7,000 from 2020 (prior year).
6. November
7. December
30 Pay salaries for the current year, $33,000.
24 Receive cash in advance from customers, $10,000.
30 Pay $3,000 cash dividends to stockholders.
The following information is available for the adjusting entries.
Depreciation for the year on the machinery is $8,000. Plumbing supplies remaining on hand at the end of the year
equal $1,100. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the
year. Accrued utilities at year-end amounted to $6,000.
11. Prepare a post-closing trial balance.
PIPERS PLUMBING
Post-Closing Trial Balance
December 31, 2021
Debit
Credit
Accounts
Cash
Accounts Receivable
Supplies
![The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:
Accounts
Debits
Credits
$ 4,500
9,500
3,500
36,000
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Utilities Payable
$ 8,000
6,000
7,000
Deferred Revenue
Common Stock
23,000
9,500
$53,500
Retained Earnings
Totals
$53,500
The following is a summary of the transactions for the year:
1. January
2. March
3. May
4. June
5. September 15 Pay utilities of $7,000 from 2020 (prior year).
6. November
7. December
24 Provide plumbing services for cash, $20,000, and on account, $65,000.
13 Collect on accounts receivable, $53,000.
6 Issue shares of common stock in exchange for $11,000 cash.
30 Pay salaries for the current year, $33,000.
24 Receive cash in advance from customers, $10,000.
30 Pay $3, 000 cash dividends to stockholders.
The following information is available for the adjusting entries.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e040603-84c5-4f6a-8e32-d8a2833a4202%2F87ee3b58-1a5c-4560-bca2-09cd001d881d%2Fziddmql_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:
Accounts
Debits
Credits
$ 4,500
9,500
3,500
36,000
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Utilities Payable
$ 8,000
6,000
7,000
Deferred Revenue
Common Stock
23,000
9,500
$53,500
Retained Earnings
Totals
$53,500
The following is a summary of the transactions for the year:
1. January
2. March
3. May
4. June
5. September 15 Pay utilities of $7,000 from 2020 (prior year).
6. November
7. December
24 Provide plumbing services for cash, $20,000, and on account, $65,000.
13 Collect on accounts receivable, $53,000.
6 Issue shares of common stock in exchange for $11,000 cash.
30 Pay salaries for the current year, $33,000.
24 Receive cash in advance from customers, $10,000.
30 Pay $3, 000 cash dividends to stockholders.
The following information is available for the adjusting entries.
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