The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Debits Credits Accounts Cash Accounts Receivable 4,500 9,500 3,500 Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue 36,000 8,000 6,000 7,000 0 Common Stock 23,000 9,500 Retained Earnings $53,500 $53,500 Totals 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 13 Collect on accounts receivable, $53,000 6 Issue shares of common stock in exchange for $11,000 cash 30 Pay salaries for the current year, $33,000 2. March 3. Маy 4. June 5. September 15 Pay utilities of $7,000 from 2020 (prior year) 24 Receive cash in advance from customers, $10,000. 30 Pay $3,000 cash dividends to stockholders. 6. November 7. December 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. General General Income Trial Balance Balance Sheet Requirement Journal Ledger Statement 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-10) 3. Review the adjusted 'Trial Balance' as of December 31, 2021 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Stateement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13)
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Debits Credits Accounts Cash Accounts Receivable 4,500 9,500 3,500 Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue 36,000 8,000 6,000 7,000 0 Common Stock 23,000 9,500 Retained Earnings $53,500 $53,500 Totals 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 13 Collect on accounts receivable, $53,000 6 Issue shares of common stock in exchange for $11,000 cash 30 Pay salaries for the current year, $33,000 2. March 3. Маy 4. June 5. September 15 Pay utilities of $7,000 from 2020 (prior year) 24 Receive cash in advance from customers, $10,000. 30 Pay $3,000 cash dividends to stockholders. 6. November 7. December 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. General General Income Trial Balance Balance Sheet Requirement Journal Ledger Statement 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-10) 3. Review the adjusted 'Trial Balance' as of December 31, 2021 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Stateement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Can you please just do the income statement and
Transcribed Image Text:The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:
Debits
Credits
Accounts
Cash
Accounts Receivable
4,500
9,500
3,500
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Utilities Payable
Deferred Revenue
36,000
8,000
6,000
7,000
0
Common Stock
23,000
9,500
Retained Earnings
$53,500
$53,500
Totals
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
13 Collect on accounts receivable, $53,000
6 Issue shares of common stock in exchange for $11,000 cash
30 Pay salaries for the current year, $33,000
2. March
3. Маy
4. June
5. September 15 Pay utilities of $7,000 from 2020 (prior year)
24 Receive cash in advance from customers, $10,000.
30 Pay $3,000 cash dividends to stockholders.
6. November
7. December
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.
Transcribed Image Text:General
General
Income
Trial Balance
Balance Sheet
Requirement
Journal
Ledger
Statement
1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the
'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-10)
3. Review the adjusted 'Trial Balance' as of December 31, 2021
4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Stateement' tab.
5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.
6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13)
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