of 8 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: Accounts Debits Credits Cash $ 3,750 Accounts Receivable 8,750 Supplies 2,750 Equipment 21,000 Accumulated Depreciation $ 5,000 Accounts Payable 3,000 Utilities Payable 4,000 Deferred Revenue Common Stock 15,500 Retained Earnings 8,750 Totals $36,250 $36,250 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $12,500, and on account, $57,500. 2. March 13 Collect on accounts receivable, $45,500. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $31,500. 5. September 15 Pay utilities of $4,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,000. 7. December 30 Pay $1,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $7,000 paid in advance by customers, $5,500 of the work has been completed by the end of the year, Accrued utilities at year-end amounted to $7,500. 7 J. We www.wp. 6. November 24 Receive cash in advance from customers, $7,000. 7. December 30 Pay $1,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $7,000 paid in advance by customers, $5,500 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,500. Part 6 of 8 11.11 points Problem 3-8B Part 9 eBook 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) Print View transaction list View journal entry worksheet References No Date General Journal Debit Credit N 1 December 31 Depreciation Expense 5,000 Accumulated Depreciation 5,000 2 December 31 Supplies Expense 1,750 Supplies 1,750 3 December 31 Deferred Revenue 5,500 Mc Prev 8 7 Graw 9 of 9 !!! Next > Next > 9 Required information 11. Prepare a post-closing trial balance. Part 8 of 8 11.12 points Answer is complete but not entirely correct. PIPERS PLUMBING Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Cash $ 41.750 Accounts Receivable 20,750 Supplies 1,000 Equipment 21.000 Accumulated Depreciation 10.000 Accounts Payable 3,000 Utilities Payable 7.500 Deferred Revenue 1,500 Common Stock 25,500 Retained Earnings 8.750 X Dividends 1,500 Service Revenue 75,500 Salaries Expense 31,500 Utilities Expense 7,500 Supplies Expense 1,750 Depreciation Expense 5,000 Total $ 131,750 $ 131,750 Mc 80 . of 8 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: Accounts Debits Credits Cash $ 3,750 Accounts Receivable 8,750 Supplies 2,750 Equipment 21,000 Accumulated Depreciation $ 5,000 Accounts Payable 3,000 Utilities Payable 4,000 Deferred Revenue Common Stock 15,500 Retained Earnings 8,750 Totals $36,250 $36,250 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $12,500, and on account, $57,500. 2. March 13 Collect on accounts receivable, $45,500. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $31,500. 5. September 15 Pay utilities of $4,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,000. 7. December 30 Pay $1,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $7,000 paid in advance by customers, $5,500 of the work has been completed by the end of the year, Accrued utilities at year-end amounted to $7,500. 7 J. We www.wp. 6. November 24 Receive cash in advance from customers, $7,000. 7. December 30 Pay $1,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $7,000 paid in advance by customers, $5,500 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,500. Part 6 of 8 11.11 points Problem 3-8B Part 9 eBook 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) Print View transaction list View journal entry worksheet References No Date General Journal Debit Credit N 1 December 31 Depreciation Expense 5,000 Accumulated Depreciation 5,000 2 December 31 Supplies Expense 1,750 Supplies 1,750 3 December 31 Deferred Revenue 5,500 Mc Prev 8 7 Graw 9 of 9 !!! Next > Next > 9 Required information 11. Prepare a post-closing trial balance. Part 8 of 8 11.12 points Answer is complete but not entirely correct. PIPERS PLUMBING Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Cash $ 41.750 Accounts Receivable 20,750 Supplies 1,000 Equipment 21.000 Accumulated Depreciation 10.000 Accounts Payable 3,000 Utilities Payable 7.500 Deferred Revenue 1,500 Common Stock 25,500 Retained Earnings 8.750 X Dividends 1,500 Service Revenue 75,500 Salaries Expense 31,500 Utilities Expense 7,500 Supplies Expense 1,750 Depreciation Expense 5,000 Total $ 131,750 $ 131,750 Mc 80