Problem 3-8B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Copper Plumbing at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals 1. January 24 2. March 13 Debits 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 $3,700 8,700 2,700 20,000 The following is a summary of the transactions for the year: $35,100 Credits $4,800 2,800 3,800 0 15,000 8,700 $35,100 Provide plumbing services for cash, $12,000, and on account, $57,000. Collect on accounts receivable, $45,000. Issue shares of common stock in exchange for $11,000 cash. Pay salaries for the current year, $31,400. Pay utilities of $3,800 from 2023 (prior year). Receive cash in advance from customers, $6,800. Pay $1,400 cash dividends to stockholders.
Problem 3-8B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Copper Plumbing at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals 1. January 24 2. March 13 Debits 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 $3,700 8,700 2,700 20,000 The following is a summary of the transactions for the year: $35,100 Credits $4,800 2,800 3,800 0 15,000 8,700 $35,100 Provide plumbing services for cash, $12,000, and on account, $57,000. Collect on accounts receivable, $45,000. Issue shares of common stock in exchange for $11,000 cash. Pay salaries for the current year, $31,400. Pay utilities of $3,800 from 2023 (prior year). Receive cash in advance from customers, $6,800. Pay $1,400 cash dividends to stockholders.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 3-8B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
The general ledger of Copper Plumbing at January 1, 2024, includes the following account balances:
Debits
$3,700
8,700
2,700
20,000
Accounts
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Utilities Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
The following is a summary of the transactions for the year:
1. January 24
2. March 13
$35,100
3. May 6
4. June 30
5. September 15
6. November 24
7. December 30
Credits
$4,800
2,800
3,800
0
15,000
8,700
$35,100
Provide plumbing services for cash, $12,000, and on account, $57,000.
Collect on accounts receivable, $45,000.
Issue shares of common stock in exchange for $11,000 cash.
Pay salaries for the current year, $31,400.
Pay utilities of $3,800 from 2023 (prior year).
Receive cash in advance from customers, $6,800.
Pay $1,400 cash dividends to stockholders.
Transcribed Image Text:Beginning Balance
Ending Balance
Debit
1
Beginning Balance
Ending Balance
Debit
X
Accumulated Depreciation
Utilities Payable
3,800
4,800
4,800
9,600
3,800
7,600
7,600
Credit
Adjusting 1.
Adjusting 2.
Credit
Adjusting 1.
Adjusting 2.
X
X
X
X
Beginning Balance
Ending Balance
Debit
2
Beginning Balance
Ending Balance
Debit
X
Accounts Payable
Deferred Revenue
5,400
2,800 Adjusting 1.
2,800
6,800
Credit
1,400
Credit
Adjusting 2.
X
X
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