The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Debits $ 4,500 9,500 Credits Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable 3,500 36,000 $ 8,000 6,000 7,000 Deferred Revenue Common Stock 23,000 9,500 Retained Earnings Totals $53,500 $53,500 The following is a summary of the transactions for the year: 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 1. January 2. Мarch 3. Маy 4. June 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $10,000. 30 Pay $3,000 cash dividends to stockholders. 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 Journal General Income Trial Balance Requirement Balance Sheet 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 Statement' tab 5. Prepare a classified balance sheet ass 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 $ 4,500 9,500 Credits Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable 3,500 36,000 $ 8,000 6,000 7,000 Deferred Revenue Common Stock 23,000 9,500 Retained Earnings Totals $53,500 $53,500 The following is a summary of the transactions for the year: 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 1. January 2. Мarch 3. Маy 4. June 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $10,000. 30 Pay $3,000 cash dividends to stockholders. 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 Journal General Income Trial Balance Requirement Balance Sheet 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 Statement' tab 5. Prepare a classified balance sheet ass 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
Related questions
Question
Transcribed Image Text:The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:
Debits
$ 4,500
9,500
Credits
Accounts
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Utilities Payable
3,500
36,000
$ 8,000
6,000
7,000
Deferred Revenue
Common Stock
23,000
9,500
Retained Earnings
Totals
$53,500
$53,500
The following is a summary of the transactions for the year:
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
1. January
2. Мarch
3. Маy
4. June
5. September 15 Pay utilities of $7,000 from 2020 (prior year).
6. November
24 Receive cash in advance from customers, $10,000.
30 Pay $3,000 cash dividends to stockholders.
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
Journal
General
Income
Trial Balance
Requirement
Balance Sheet
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 Statement' tab
5. Prepare a classified balance sheet ass 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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