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 Debito Credits Cash $ 3,950 Accounts Receivable 8.950 Supplies 2.950 Equipment 25,000 Accumulated Depreciation $ 5,800 Accounts Payable 3,800 Utilities Payable 4,800 Deferred Revenue 0 Common Stock 17,500 Retained Earnings 8,950 Totals $40,850 $40,850 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $14,500, and on account, $59,500. 2. March 13 Collect on accounts receivable, $47,500. 6 Issue shares of common stock in exchange for $12,000 cash. 3. May 4. June 30 Pay salaries for the current year, $31,900. 5. September 15 Pay utilities of $4,800 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,800. 7. December 30 Pay $1,900 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,800. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $7,800 paid in advance by customers, $5,900 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,100. Next > MERAKP equired information ew transaction list Journal entry worksheet 3 Record the entry to close the expense accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal