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 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Debits $ 4,400 Credits 9,400 3,400 34,000 $ 7,600 5,600 6,600 Deferred Revenue Common Stock Retained Earnings Totals 0 22,000 9,400 $51,200 $51,200 The following is a summary of the transactions for the year: 1. January 2. March 3. May 4. June 24 Provide plumbing services for cash, $19,000, and on account, $64,000. 13 Collect on accounts receivable, $52,000. 6 Issue shares of common stock in exchange for $12,000 cash. 30 Pay salaries for the current year, $32,800. 5. September 15 Pay utilities of $6,600 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $9,600. 7. December 30 Pay $2,800 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $7,600. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $9,600 paid in advance by customers, $6,800 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,200.