! Required information 8 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 $ 3,900 Accounts 8,900 Receivable Supplies 2,900 Equipment 24,000 Accumulated $ 5,600 Depreciation Accounts Payable 3,600 Utilities 4,600 Payable Deferred Revenue 0 Common Stock 17,000 Retained 8,900 Earnings Totals $39,700 $39,700 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $14,000, and on account, $59,000. 2. March 13 Collect on accounts receivable, $47,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $31,800. 5. September 15 Pay utilities of $4,600 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,600. 7. December 30 Pay $1,800 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,600. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $7,600 paid in advance by customers, $5,800 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,200. Problem 3-8B Part 11 11. Prepare a post-closing trial balance. PIPERS PLUMBING Post-Closing Trial Balance December 31, 2021 Debit Accounts Credit 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 Total 0 $ 0 Problem 3-8B Part 7 7. Prepare an adjusted trial balance. Answer is complete and correct. PIPERS PLUMBING Adjusted Trial Balance December 31, 2021 Accounts Debit Credit Cash $ 44,300 Accounts 20,900 Receivable Supplies 1,000 Equipment 24,000 Accumulated 11,200 Depreciation Accounts Payable 3,600 Utilities Payable 7,200 Deferred Revenue 1,800 Common Stock 27,000 Retained Earnings 8,900 Dividends 1,800 Service Revenue 78,800 Salaries Expense 31,800 Utilities Expense 7,200 Supplies Expense 1,900 Depreciation 5,600 Expense Totals 138,500 138,500