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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 Debits 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 $3,700 8,700 2,700 20,000 $35,100 The following is a summary of the transactions for the year: 1. January 24 2. March 13 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 Debits 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 $3,700 8,700 2,700 20,000 $35,100 The following is a summary of the transactions for the year: 1. January 24 2. March 13 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Beginning Balance 1 2 3 Adjusting 1. Ending Balance 1 Debit Beginning Balance Ending Balance Debit Cash 3,700 12,000 45,000 11,000 6,800 41,900 Supplies 2,700 1,100 31,400 3,800 1,400 Credit Credit 1,600 Adjusting 1. Beginning Balance 1 Ending Balance Debit Ending Balance Debit Beginning Balance Accounts Receivable 8,700 X Equipment 20,000 20,000 45,000 36,300 Credit Adjusting 1. Adjusting 2. Credit Adjusting 1. X X
Transcribed Image Text:Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Beginning Balance 1 2 3 Adjusting 1. Ending Balance 1 Debit Beginning Balance Ending Balance Debit Cash 3,700 12,000 45,000 11,000 6,800 41,900 Supplies 2,700 1,100 31,400 3,800 1,400 Credit Credit 1,600 Adjusting 1. Beginning Balance 1 Ending Balance Debit Ending Balance Debit Beginning Balance Accounts Receivable 8,700 X Equipment 20,000 20,000 45,000 36,300 Credit Adjusting 1. Adjusting 2. Credit Adjusting 1. X X
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: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.
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