Question

time Seved Help Save & E The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Credits Debita $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 $42,000 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts receivable, $48,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $32,000. 5. September 15 Pay utilities of $5,000 from 2020 (prior yea). 6. November 24 Receive cash in advance from customers, $8,odo. 7. December 30 Pay $2,000 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,000. < Prev 7 00 of 8 Next >

Answer 1

Cash					Account Receivable
Beg. Bal.	$ 4,000				Beg. Bal.	$ 9,000
Jan 24	$ 15,000	June 30	$ 32,000		Jan 24	$ 60,000	$ 48,000	May 13
Mar 13	$ 48,000	Sep 15	$ 5,000
May 6	$ 10,000	Nov 24	$ 8,000
		Dec 30	$ 2,000
End. Bal.	$ 30,000				End. Bal.	$ 21,000
Supplies					Equipment
Beg. Bal.	$ 3,000				Beg. Bal.	$ 26,000
		$ 2,000	Dec 31
End. Bal.	$ 1,000				End. Bal.	$ 26,000
Accumulated Depreciation					Accounts Payable
Beg. Bal.		$ 6,000			Beg. Bal.		$ 4,000
		$ 6,000	Dec 31
End. Bal.		$ 12,000			End. Bal.		$ 4,000
Utilities Payable					Deferred Revenue
Beg. Bal.		$ 5,000			Beg. Bal.
Sep 15	$ 5,000	$ 7,000	Dec 31		Dec 31	$ 6,000	$ 8,000	Nov 24
End. Bal.		$ 7,000			End. Bal.		$ 2,000
Common Stock					Retained Earnings
Beg. Bal.		$ 18,000			Beg. Bal.		$ 9,000
		$ 10,000	May 6
End. Bal.		$ 28,000			End. Bal.		$ 9,000
Dividends					Service Revenue
Beg. Bal.					Beg. Bal.
Dec 30	$ 2,000						$ 75,000	Jan 24
							$ 6,000	Dec 31
End. Bal.		$ 2,000			End. Bal.		$ 81,000
Salaries Expense					Utilities Expense
Beg. Bal.		$ 32,000	June 30		Beg. Bal.
					Dec 31	$ 7,000
End. Bal.	$ 32,000				End. Bal.	$ 7,000
Supplies Expense					Depreciation Expense
Beg. Bal.					Beg. Bal.
Dec 31	$ 2,000				Dec 31	$ 6,000
End. Bal.	$ 2,000				End. Bal.	$ 6,000