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 Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,000 7,000 0 23,000 9,500 $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable, $53,000. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $33,000. 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $10,000. 7. December 30 Pay $3,000 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $8,000. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the year. Accrued utilities at vear-end amounted to $6.000. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $8.000. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $10,000 paid in advance by customers, $7000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,000. 5. Record adjusting entries. Depreciation for the year on the machinery is $8,000. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $10,000 paid in advance by customers. $7,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 N 3 Record the adjusting entry for depreciation, $8,000. Note: Enter debits before credits Date General Journal Debit Credit December 31 Accrued utilities at year-end amounted to $6,000. (If no entry is required for a particular transaction/event, s Required in the first account field.) View transaction list Journal entry worksheet 1 3 Record the adjusting entry for supplies. Supplies remaining on hand at the end of the year equal $1,100. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal LUULUI Journal entry worksheet
