Accounts	Debits	Credits
Cash	$3,950
Accounts Receivable	8,950
Supplies	2,950
Equipment	25,000
Accumulated Depreciation		$5,800
Accounts Payable		3,800
Utilities Payable		4,800
Deferred Revenue		0
Common Stock		17,500
Retained Earnings		8,950
Totals	$40,850	$40,850

The following is a summary of the transactions for the year:

1. January 24	Provide plumbing services for cash, $14,500, and on account, $59,500.
2. March 13	Collect on accounts receivable, $47,500.
3. May 6	Issue shares of common stock in exchange for $12,000 cash.
4. June 30	Pay salaries for the current year, $31,900.
5. September 15	Pay utilities of $4,800 from 2023 (prior year).
6. November 24	Receive cash in advance from customers, $7,800.
7. December 30	Pay $1,900 cash dividends to stockholders.

Required:

2. Record each of the summary transactions listed above.

4. Prepare an unadjusted trial balance.

5. Record adjusting entries. Depreciation for the year on the machinery is $5,800. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $7,800 paid in advance by customers, $5,900 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,100.

7. Prepare an adjusted trial balance.

8-a. Prepare the income statement for the year ended December 31, 2024.

8-b. Prepare the classified balance sheet for the year ended December 31, 2024.

9. Record closing entries.

1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.

11. Prepare a post-closing trial balance.