The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:   Accounts Debits   Credits Cash $ 4,500           Accounts Receivable   9,500           Supplies   3,500           Equipment   36,000            Accumulated Depreciation         $ 8,000   Accounts Payable           6,000   Utilities Payable           7,000   Deferred Revenue           0   Common Stock           23,000   Retained Earnings           9,500   Totals $ 53,500     $ 53,500       The following is a summary of the transactions for the year:   1.   January   24   Provide plumbing services for cash, $20,000, and on account, $65,000. 2.   March   13   Collect on accounts receivable, $53,000. 3.   May   6   Issue shares of common stock in exchange for $11,000 cash. 4.   June   30   Pay salaries for the current year, $33,000. 5.   September   15   Pay utilities of $7,000 from 2020 (prior year). 6.   November   24   Receive cash in advance from customers, $10,000. 7.   December   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.   1., 3., 6 & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:

 

Accounts Debits   Credits
Cash $ 4,500          
Accounts Receivable   9,500          
Supplies   3,500          
Equipment   36,000           
Accumulated Depreciation         $ 8,000  
Accounts Payable           6,000  
Utilities Payable           7,000  
Deferred Revenue           0  
Common Stock           23,000  
Retained Earnings           9,500  
Totals $ 53,500     $ 53,500  
 

 

The following is a summary of the transactions for the year:

 

1.   January   24   Provide plumbing services for cash, $20,000, and on account, $65,000.
2.   March   13   Collect on accounts receivable, $53,000.
3.   May   6   Issue shares of common stock in exchange for $11,000 cash.
4.   June   30   Pay salaries for the current year, $33,000.
5.   September   15   Pay utilities of $7,000 from 2020 (prior year).
6.   November   24   Receive cash in advance from customers, $10,000.
7.   December   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.

 

1., 3., 6 & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.

 

The second attached picture is the format required and additional data is in the first picture. 

 

 

The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:

 

Accounts Debits   Credits
Cash $ 4,500          
Accounts Receivable   9,500          
Supplies   3,500          
Equipment   36,000           
Accumulated Depreciation         $ 8,000  
Accounts Payable           6,000  
Utilities Payable           7,000  
Deferred Revenue           0  
Common Stock           23,000  
Retained Earnings           9,500  
Totals $ 53,500     $ 53,500  
 

 

The following is a summary of the transactions for the year:

 

1.   January   24   Provide plumbing services for cash, $20,000, and on account, $65,000.
2.   March   13   Collect on accounts receivable, $53,000.
3.   May   6   Issue shares of common stock in exchange for $11,000 cash.
4.   June   30   Pay salaries for the current year, $33,000.
5.   September   15   Pay utilities of $7,000 from 2020 (prior year).
6.   November   24   Receive cash in advance from customers, $10,000.
7.   December   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.

 

1., 3., 6 & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.

all of this below here is my notes before this problem and I thought they might help. 

also total assets and stockholders equity is 92100. Please tell me if there is any more info you need to solve this i really need help. thank you . feel free to email me at wsskemp03981@gmail.com for immediate ansewrs. thanks. 

 

 for the pre-trail balance both sides were 166,500

 

and prior to that on dec 31 i debted 8000 depreciation expense  and credited 8000 accumulated depreciation ;next i debted supplies expense 2400  then credited supplies (2400); next debted deferred revenue 7000 and credited service revenue 7000; lastly i  debted utilites expense 6000 and credited utilities payable 6000

 

 

PIPERS PLUMBING
Income Statement
For the Year Ended December 31, 2021
Service Revenue
92,000
Expenses:
Salaries Expense
33,000
Supplies Expense
2,400
Depreciation Expense
8,000
Utilities Expense
6,000
Total expenses
49,400
Net Income
$
42,600
%24
Transcribed Image Text:PIPERS PLUMBING Income Statement For the Year Ended December 31, 2021 Service Revenue 92,000 Expenses: Salaries Expense 33,000 Supplies Expense 2,400 Depreciation Expense 8,000 Utilities Expense 6,000 Total expenses 49,400 Net Income $ 42,600 %24
Cash
Accounts Receivable
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
Supplies
Equipment
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
Accumulated Depreciation
Accounts Payable
Beg. Bal.
ВBeg. Bal.
End. Bal.
End. Bal.
Transcribed Image Text:Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accumulated Depreciation Accounts Payable Beg. Bal. ВBeg. Bal. End. Bal. End. Bal.
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