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Need help completing the full accounting cycle!! The general ledger of Polymer Plumbing at January 1 , 2 0 2 4 , includes the following
Need help completing the full accounting cycle!! The general ledger of Polymer Plumbing at January includes the following account balances:
The following is a summary of the transactions for the year:
January Provide plumbing services for cash, $ and on account, $
March Collect on accounts receivable, $
May Issue shares of common stock in exchange for $ cash.
June Pay salaries for the current year, $
September Pay utilities of $ from prior year
November Receive cash in advance from customers, $
December Pay $ cash dividends to stockholders.
Required:
Record each of the summary transactions listed above.
Prepare an unadjusted trial balance.
Record adjusting entries. Depreciation for the year on the machinery is $ Plumbing supplies remaining on hand at the end of
the year equal $ Of the $ paid in advance by customers, $ of the work has been completed by the end of the year.
Accrued utilities at yearend amounted to $
Prepare an adjusted trial balance.
a Prepare the income statement for the year ended December
b Prepare the classified balance sheet for the year ended December
Record closing entries.
& Post the transactions, adjusting entries and closing entries to the Taccounts. Be sure to include beginning balances.
Prepare a postclosing trial balance.
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