fix the red. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.Beginning Balance123Adjusting 1.Ending Balance1DebitBeginning BalanceEnding BalanceDebitCash3,70012,00045,00011,0006,80041,900Supplies2,7001,10031,4003,8001,400CreditCredit1,600 Adjusting 1.Beginning Balance1Ending BalanceDebitEnding BalanceDebitBeginning BalanceAccounts Receivable8,700 XEquipment20,00020,00045,00036,300CreditAdjusting 1.Adjusting 2.CreditAdjusting 1.XX 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$3,7008,7002,70020,000AccountsCashAccounts ReceivableSuppliesEquipmentAccumulated DepreciationAccounts PayableUtilities PayableDeferred RevenueCommon StockRetained EarningsTotalsThe following is a summary of the transactions for the year:1. January 242. March 13$35,1003. May 64. June 305. September 156. November 247. December 30Credits$4,8002,8003,800015,0008,700$35,100Provide 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.

Ledger accounts are prepared by the organizations to record the transactions. Each transaction has…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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