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i need help figuring this out please Required Information [The following information applies to the questions displayed below.] The general ledger of Pipers Plumbing at
i need help figuring this out please
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: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,800 7, eee 23, eee 9, see $53,500 $53,500 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, $53,890. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $33,880. 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $10,eee. 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 pald 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 $6,000 1., 3., 6 & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Answer is not complete. Accounts Receivable Beg. Bal. 9,500 a 85,000 53.000 Ben Ral 4500 b. . b. . 20,000 53,000 11,000 10,000 33,000 7,000 3,000 d. e. g End. Bal. 55,500 End. Bal 21,500 Equipment Beg. Bal. Supplies 3,500 Beg. Bal. 36,000 End. Bal. 3,500 End. Bal 38.000 Accumulated Depreciation 8.000 Accounts Payable 6.000 Beg. Bal Beg. Bal. End. Bal. 1 8 ,000 End. Bal. 6,000 Deferred Revenue Beg Bal Utilities Payable 0 7,000 Bea Bal. 10,000 f. End. Bal 7,000 End. Bal. 10,000 Common Stock 23,000 11,000 Retained Earnings 9,500 Beg Bal Beg Bal End. Bal. 34.000 End. Bal. 1 9 ,500 Dividends Service Revenue Beg Bal Beg. Bal. g. 3,000 End. Bal. 3,000 End. Bal. Salaries Expense Utilities Expense Beg Bal Bea Bal 33,000 End. Bal. 33,000 End. Bal Depreciation Expense Supplies Expense 0 Beg. Bal Beg. Bal 0 8,000 End. Bal. | End. Bal. 8,000Step by Step Solution
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