55:03 The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $ 3,650 8,650 2,650 19,000 $ 4,600 2,600 3,600 14.500 8,650 $33,950 $33,950 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, $11,500, and on account, $56,500. 13 Collect on accounts receivable, $44,500. 6 Issue shares of common stock in exchange for $12,000 cash. 30 Pay salaries for the current year, $31,300. 5. September 15 Pay utilities of $3,600 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $6,600. 7. December 30 Pay $1,300 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,600. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $6,600 paid in advance by customers, $5,300 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,700. 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.) View transaction list Journal entry worksheet 2 3 4 5 6 7 Record plumbing services provided for cash, $11,500, and on account, $56,500. 14