Help with the T accounts! So far it like the numbers put into from balance sheet and Income is incorrect!
Required Information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Credits Debits $ 3,850 8,850 2,850 23,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 5,400 3,400 4,400 0 16,500 8,850 $38,550 $38,550 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $13,500, and on account, $58,500. 2. March 13 Collect on accounts receivable, $46,500. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $31,700. 5. September 15 Pay utilities of $4,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,400. 7. December 30 Pay $1,700 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,400. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $7,400 paid in advance by customers, $5,700 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,300. oblem 3-8B Part 1, 3, 6, 10 3., 6 & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning Accounts Recolvable eg. Bal. Cash 3,850 13,500 Beg. Bal. 8,850 58,500 46,5002 11,000 7,400 31,7004 4,4005 End. Bal. 350 End. Bal. 20,850 Supplies 2,850 Beg. Bal. Equipment 23,000 Beg. Bal. End. Bal 2,850 End. Bal. 23,000 Accumulated Depreciation 5,400 Beg. Bal. Accounts Payable 3,400 Beg. Bal. End. Bal. 5,400 End. Bal. 3,400 Utilities Payable Deferred Revenue Beg. Bal. Beg. Bal. 0 4,400 7,300 Adj 3. 7,4001 End. Bal. 11,700 End. Bal. 7,400 Common Stock Beg. Bal. 16,500 Retained Earnings 8,850 Beg. Bal. End. Bal. 16,500 End. Bal. 8,850 Dividends Service Ravenue Beg. Bal. 1 Beg. Bal. 1,700 72,0001 End. Bal. 1,700 End. Bal. 72,000 Salaries Expense Utilities Expense Beg. Bal. 1 Beg. Bal. 31,700 7,300 End. Bal. 31,700 End. Bal. 7,300 Supplies Expense Depreciation Expense Beg. Bal. Bog, Bal. 31,700 5,400 End. Bal. 31,700 End. Bal 5,400 Saved General Journal Debit . Credit Cash Accounts Receivable Service Revenue 13,500 58,500 72,000 3 Cash Accounts Receivable 46,500 46,500 5 Cash Common Stock 11,000 11,000 30 Salaries Expense Cash 31,700 31,700 ber 05 Utilities Payable Cash 4,400 4,400 aber 24 Cash Deferred Revenue 7,400 7,400 mber 30 Dividends Cash 1.700 1.700 Required information Adjusted trial Balance December 31, 2021 Accounts Debit Credit Cash $ 44,450 20,850 1,100 23,000 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue 10,800 3,400 7,300 1,700 27,500 es 8,850 1,700 77,700 Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Supplies Expense Depreciation Expense Totals 31,700 7,300 1,750 5,400 137,250 $ $ 137.250 www Required information PIPERS PLUMBING Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Cash Current Liabilities: 44,450 Accounts Payable 1,100 Utilities Payable 20,850 Deferred Revenue 3,400 7,300 1,700 Supplies Accounts Receivable Total current assets 66,400 12,400 Long-term Assets: Equipment Accumulated Depreciation Total Current Liabilities Stockholder's Equity Common Stock Retained Earnings 23,000 (10,800) 27,500 38,700 Total Stockholder's Equity 78,600 Total Liabilities and Stockholders' Equity Total Assets $ 66,200 78,600 $ Required information income Statement For the Year Ended December 31, 2021 Service Revenue $ 77,700 5,400 Expenses: Depreciation Expense Utilities Expense Supplies Expense Salaries Expense 7,300 1,750 31,700 Total expenses Net Income 46,150 31,550 $
