Question
*I ONLY NEED THE LAST 3 DONE* (closing entries, T-accounts, and post-closing trial balance) The general ledger of Copper Plumbing at January 1, 2024, includes
*I ONLY NEED THE LAST 3 DONE* (closing entries, T-accounts, and post-closing trial balance)
The general ledger of Copper Plumbing at January 1, 2024, includes the following account balances:
Accounts | Debits | Credits |
Cash | $3,550 |
|
Accounts Receivable | 8,550 |
|
Supplies | 2,550 |
|
Equipment | 17,000 |
|
Accumulated Depreciation |
| $4,200 |
Accounts Payable |
| 2,200 |
Utilities Payable |
| 3,200 |
Deferred Revenue |
| 0 |
Common Stock |
| 13,500 |
Retained Earnings |
| 8,550 |
Totals | $31,650 | $31,650 |
The following is a summary of the transactions for the year:
1. January 24 | Provide plumbing services for cash, $10,500, and on account, $55,500. |
2. March 13 | Collect on accounts receivable, $43,500. |
3. May 6 | Issue shares of common stock in exchange for $11,000 cash. |
4. June 30 | Pay salaries for the current year, $31,100. |
5. September 15 | Pay utilities of $3,200 from 2023 (prior year). |
6. November 24 | Receive cash in advance from customers, $6,200. |
7. December 30 | Pay $1,100 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 $4,200. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $6,200 paid in advance by customers, $5,100 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,900.
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.
Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Prepare a post-closing trial balance. Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Prepare a post-closing trial balance
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