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Complete the trial balance with correct values Part 2 of 8 2 8 Required information The following information applies to the questions displayed below./ The
Complete the trial balance with correct values
Part 2 of 8 2 8 Required information The following information applies to the questions displayed below./ The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: 10 points Credits Debits $ 4,500 9,500 3,5ee 36, eee Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals eBook $ 8,888 6,020 7,800 a 23, eco 9,500 $53,500 Print $53,500 References The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable, $53,600. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $33,000. 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $10,000. 7. December 30 Pay $3,000 cash dividends to stockholders. 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 $6,000Step by Step Solution
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