Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The forlowing information applies to the questions displayed below) The general ledger of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The forlowing information applies to the questions displayed below) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: The following is a summary of the transactions for the year 1. 2anusy 24 Erowtde plumbing services tor casb, \$19, 500, and on account, \$es, 390. 2. Warch 13 collect of accounts crceivable, 552,390 \% 3. Myy 6 issue shares of comson steck in exchange for \$10, e0e sash. 4. Juns 20 Pay calarles for the everent year, 532, iso, 5. September 15 poy utilities of 16, hod free 2020 (prlar year). 6. Wiventer 24. Recelve cash in edvance from custoners; 59, Beo. 7. becteber ie pay 87,900 cash alvidends to stocthelders? The following irformation is avaloble for the adjusting entries: Depreciation for the year on the machinery is $7800. Plambing supplies remaining on hand at the end of the year equat $1000. Of the $9.800 paid in advance by customers, 56,900 of the work has been completed by the end of the year Accrued utilites at yearend amounted to $6,100 4. Prepare an unadjusted trial balance. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ PIPERS PLUMBING } \\ \hline \multicolumn{1}{|c|}{ Adjusted Trial Balance } \\ \hline December 31, 2021 \\ \hline Accounts & Debit \\ \hline Cash & \\ \hline Accounts Receivable & \\ \hline Supplies & \\ \hline Equipment & \\ \hline Accumulated Depreciation & \\ \hline Accounts Payable & \\ \hline Utilities Payable & \\ \hline Deferred Revenue & \\ \hline Common Stock & \\ \hline Retained Earnings \\ \hline Dividends & \\ \hline Service Revenue \\ \hline Salaries Expense \\ \hline Utilities Expense & \\ \hline Supplies Expense \\ \hline Depreciation Expense \\ \hline Totals & \\ \hline \end{tabular} 11. Prepare a post-closing trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A User Perspective

Authors: Robert E. Hoskin, Maureen R. Fizzell, Donald C. Cherry

4th Canadian Edition

0470834455, 978-0470834459

More Books

Students also viewed these Accounting questions

Question

specify some main features of the worlds labour force;

Answered: 1 week ago