Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help, can't seem to get this closing trial sheet to balance. The general ledger of Pipers Plumbing at January 1, 2024, Includes the following
Please help, can't seem to get this closing trial sheet to balance. The general ledger of Pipers Plumbing at January 1, 2024, Includes the following account balances: The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, \$20, 900 , and on account, 365,009. 2. March 13 Collect on accounts receivable, $53,600. 3. May 6 Issue shares of common stock in exchange for $11,009 cash. 4. June 30 Pay salaries for the current year, $33,000. 5. September 15 Pay utilities of \$7,00e from 2023 (prior year). 6. November 24 Receive cash in advance from customers, $10,000. 7. December 30 Pay $3,000 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 $8,000. Plumbing supplies remaining on hand at the end of the year equal $1,100. Or the $10,000 paid 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. 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 Taccounts. Be sure to include beginning balances. 11. Prepare a post-closing trial balance. Prepare a post-closing trial balance. \begin{tabular}{|l|r|r|} \hline Equipment & 36,000 & \\ \hline Accumulated Depreciation & & 16,000 \\ \hline Accounts Payable & & 6,000 \\ \hline Utilities Payable & & 6,000 \\ \hline Deferred Revenue & & 3,000 \\ \hline Common Stock & & 34,000 \\ \hline Retained Eamings & & 49,100 \\ \hline Dividends & & \\ \hline Service Revenue & & \\ \hline Salaries Expense & 33,000 & \\ \hline Utilities Expense & 6,000 & \\ \hline Supplies Expense & 24,000 & \\ \hline Depreciation Expense & 8,000 & \\ \hline Total & $188,100 & $ \\ \hline \end{tabular}
Please help, can't seem to get this closing trial sheet to balance.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started