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. 7. Prepare an adjusted trial balance.
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:
Accounts Debits Credits
Cash $ 4,500
Supplies 3,500
Equipment 36,000
Accounts Payable 6,000
Utilities Payable 7,000
Deferred Revenue 0
Common Stock 23,000
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
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.
7. Prepare an adjusted
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