• Provide plumbing services for cash, $13,000, and on account, $58,000.
• Collect on accounts receivable, $46,000.
• Issue shares of common stock in exchange for $12,000 cash.
• Pay salaries for the current year, $31,600.
• Pay utilities of $4,200 from 2020 (prior year).
• Receive cash in advance from customers, $7,200.
• Pay $1,600 cash dividends to stockholders.

• Record the adjusting entry for depreciation, $5,200.
• Record the adjusting entry for supplies. Supplies remaining on hand at the end of the year equal $1,200.
• Record the adjusting entry for revenue. Of the $7,200 paid in advance by customers, $5,600 of the work has been completed by the end of the year.
• Record the adjusting entry for utilities, $7,400.

Required Information [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 $ 3,890 Accounts Receivable 8,888 Supplies 2,800 Equipment 22,080 Accumulated Depreciation $ 5,200 Accounts Payable 3,200 Utilities Payable 4,200 Deferred Revenue 3 Common Stock 16,000 Retained Earnings 8,888 Totals $37,480 $37,480 The following is a summary of the transactions for the year. 1. January 24 Provide plumbing services for cash, $13,800, and on account, $58,808. 2. March 13 Collect on accounts receivable, $46,080. 3. May 6 Issue shares of common stock in exchange for $12,00 cash. 4. June 30 Pay salaries for the current year, $31,680. 5. September 15 Pay utilities of $4,200 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,200. 7. December 30 Pay $1,600 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,200. Plumbing supplies remaining on hand at the end of the year equal $1.200. Of the $7.200 paid in advance by customers. $5.600 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7.400. 2. Prepare each of the summary transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) 4. Prepare an unadjusted trial balance. PIPERS PLUMBING Unadjusted Trial Balance December 31, 2021 Debit Credit Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Supplies Expense Depreciation Expense Totals S 0 $ 0 5. Record adjusting entries. Depreciation for the year on the machinery is $5.200. Plumbing supplies remaining on hand at the end of the year equal $1.200. Of the $7.200 paid in advance by customers. $5.600 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,400. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) 7. Prepare an adjusted trial balance. Credit PIPERS PLUMBING Adjusted Trial Balance December 31, 2021 Accounts Debit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Supplies Expense Depreciation Expense Totals 8-a. Prepare an income statement for the year ended December 31, 2021. PIPERS PLUMBING Income Statement For the Year Ended December 31, 2021 Expenses Total expenses 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be Indicated by a minus slgn.) PIPERS PLUMBING Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total current assets Total Current Liabilities Stockholder's Equity Long-term Assets: Total Stockholder's Equity Total Liabilities and Stockholders' Equity Total Assets