Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information 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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information 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 The following is a summary of the transactions for the year. 1. January 24 Provide plumbing services for cash, $19,500, and on account, 564 , 500. 2. March 13 Collect on accounts receivable, $52,500. 3. May 6 Issue shares of common stock in exchange for $19,000 cash. 4. June 30 Pay salarles for the current year, $32,900. 5. September 15 Pay utilities of $6,800 from 2929 (prior year). 6. Novenber 24 Receive cash in advance fron custoners, 39,800. 7. Decenber 36 Pay $2,969 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $7.800. Plumbing supplies remaining on hand at the end of the year equal $1,000, Of the $9,800 paid in advance by customers, $6,900 of the work has been completed by the end of the year. Accrued utities at year-end amounted to $6,100 9. Record closing entries. (If no entry is required for o particular transaction/event, select "No Journal Entry Required" in the first account field) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits 8-a. Prepare an income statement for the year ended December 31, 2021 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by o minus sign.) Problem 3-8B Part 8 8-a. Prepare an income statement for the year ended December 31, 2021 8-b. Prepare a classified balance sheet for the year ended December 31, 2021 . (Amounts to be deducted should be indicated by a minus sign.) 9. Record closing entries. (If no entry is required for a porticulor tronsoction/event, select "No Journal Entry Required" in the first scount field.) Journal entry worksheet Record the entry to close the revenue accounts. Note: tinter debits belore credits. 1., 3., 6&10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. \begin{tabular}{|l|l|l|l|} \hline & & \multicolumn{2}{|c|}{ Supplies } \\ \hline Beg Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline End Bal & & & \\ \hline & & & \\ \hline & Acend & \\ \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

Step: 3

blur-text-image

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

Environmental Health And Safety Audits

Authors: Lawrence B. Cahill, Raymond W. Kane

9th Edition

1605907081, 9781605907086

More Books

Students also viewed these Accounting questions

Question

=+ Who are the buyers/users of the products abroad?

Answered: 1 week ago