14 The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: 10 Accounts Cash points Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $ 3,550 8,550 2,550 17,000 $ 4,200 2,200 3,200 0 13,500 8,550 $31,650 $31,650 The following is a summary of the transactions for the year: 1. January 2. March 3. May 4. June 24 Provide plumbing services for cash, $10,500, and on account, $55,500. 13 Collect on accounts receivable, $43,500. 6 Issue shares of common stock in exchange for $11,000 cash. 30 Pay salaries for the current year, $31,100. 5. September 15 Pay utilities of $3,200 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $6,200. 7. December 30 Pay $1,100 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,200. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $6,200 paid in advance by customers, $5,100 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,900. Answer is not complete. General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Return to question Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Date January 24 Cash Accounts Receivable Service Revenue 2 March 13 Cash Accounts Receivable 3 May 06 Cash Common Stock 4 June 30 Salaries Expense Cash 5 September 15 Utilities Payable Cash General Journal Debit Credit 10,500 55,500 66,000 55,500 x 55,500 11,000 11,000 31,100 31,100 3,200 3,200 6 November 24 Cash 6,200 Deferred Revenue 6,200 8 December 31 Depreciation Expense 4,200 10 points Accumulated Depreciation 4,200 9 December 31 Supplies Expense Supplies 10 December 31 Deferred Revenue Service Revenue 11 December 31 Utilities Expense Utilities Payable 12 December 31 No Journal Entry Required 13 December 31 No Journal Entry Required 14 December 31 No Journal Entry Required < Requirement General Ledger > 1,450 1,450 5,100 5,100 7,900 7,900 Answer is not complete. General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Revenues: Service Revenue Total Revenues Expenses: Salaries Expense Pipers Plumbing Income Statement For the Year Ended December 31, 2021 71,100 31,100 Utilities Expense 7,900 Supplies Expense 1,450 Depreciation Expense 4,200 Total expenses Net Income 71,100 44,650 $ 26,450 < Trial Balance Balance Sheet > Answer is not complete. General General Requirement Trial Balance Journal Ledger Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Assets Current Assets: Cash Accounts Receivable Supplies 000 4944 Pipers Plumbing Balance Sheet December 31, 2021 Liabilities Current Liabilities: 51,350 Accounts Payable 8,550 Utilities Payable 1,100 Deferred Revenue 444 2,200 7,900 1,100 Total Current Liabilities 11,200 Stockholder's Equity Total Current Assets 61,000 Common Stock 24,500 Long-term Assets: Retained Earnings 33,900 Equipment 17,000 0 Accumulated Depreciation (8,400) Total Stockholder's Equity 58,400 Total Assets $ 69,600 Total Liabilities and Stockholders' Equity $ 69,600 < Income Statement Balance Sheet >