please help with an explanation if you can
Problem 3-8B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) The general ledger of Polymer Plumbing at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 24 Frovide plumbing wervicen for eash, $11,000, and on aceount, 556,000. 2. Merch 13. Collect on aceount receivable, 544,000 . 3. May 6 . issue shares of conuion stock in exchange for 510,000 cash. 4. Juae 30 Pay aalarien for the gurrent year, $31,200, 5. September is pay utilitien of 33,400 from 2023 (prior year). 6. Wovenber 24: Receive eash in advance from eustomers, 96,400 . 7. December 30 pay $1,200 cash dividends to stockholders; The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,400. Plumbing supplies remaining on hand at the end of the year equal $1,000,0 the $6,400 paid in advance by customers, $5,200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,800. During January 2024, the following transoctions occur: Jamuary i provide servieen to evetopers en aeeepht, 515,600 . Jasuary to purehaen additiont bupplien o6 account, 55,460 . danuacy l2 Burehase 1 , 200 shares of creasury ateek fer $17 per share. Jandary 15 Pay eash on asceasta payable, 417,000 . January 21 Provide merviees to eusteetere far eani, 548,600, fanusry 22 decelve east on aceesht 2anuary 20 Declare a cabh dividend of se.30 per share to al1 shares butaranding on jansary 29 . The alyidend is payable are not paid in treasury etoek, Janmary 30. Tebell do0 ahares of treasury stock tor $19 per whare. Jandary 31 Pay each for salariel daring danuasy, $47,500; The following information is available on Jonuary 31,2024. a. Unpaid utilities for the month of January are 56,700 . b. Supplies at the end of January total 55,600 . c. Depreclation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was putchased, the company estimated a service life of three years and a residual value of $10,500. d. Acerued income taxes at the end of January are $2,500. Problem 3-8B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) The general ledger of Polymer Plumbing at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 24 Frovide plumbing wervicen for eash, $11,000, and on aceount, 556,000. 2. Merch 13. Collect on aceount receivable, 544,000 . 3. May 6 . issue shares of conuion stock in exchange for 510,000 cash. 4. Juae 30 Pay aalarien for the gurrent year, $31,200, 5. September is pay utilitien of 33,400 from 2023 (prior year). 6. Wovenber 24: Receive eash in advance from eustomers, 96,400 . 7. December 30 pay $1,200 cash dividends to stockholders; The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,400. Plumbing supplies remaining on hand at the end of the year equal $1,000,0 the $6,400 paid in advance by customers, $5,200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,800. During January 2024, the following transoctions occur: Jamuary i provide servieen to evetopers en aeeepht, 515,600 . Jasuary to purehaen additiont bupplien o6 account, 55,460 . danuacy l2 Burehase 1 , 200 shares of creasury ateek fer $17 per share. Jandary 15 Pay eash on asceasta payable, 417,000 . January 21 Provide merviees to eusteetere far eani, 548,600, fanusry 22 decelve east on aceesht 2anuary 20 Declare a cabh dividend of se.30 per share to al1 shares butaranding on jansary 29 . The alyidend is payable are not paid in treasury etoek, Janmary 30. Tebell do0 ahares of treasury stock tor $19 per whare. Jandary 31 Pay each for salariel daring danuasy, $47,500; The following information is available on Jonuary 31,2024. a. Unpaid utilities for the month of January are 56,700 . b. Supplies at the end of January total 55,600 . c. Depreclation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was putchased, the company estimated a service life of three years and a residual value of $10,500. d. Acerued income taxes at the end of January are $2,500
