Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The general ledger of pipers at January 1,2021 includes the following account balances Cash 4,250 accounts receivable 9,250 supplies 3,250 equipment 31,000 accumulated depreciation 7,000

The general ledger of pipers at January 1,2021 includes the following account balances Cash 4,250 accounts receivable 9,250 supplies 3,250 equipment 31,000 accumulated depreciation 7,000 accounts payable 5,000 utilities payable 6,000 deferred revenue 0 common stock 20,500 retained earnings 9,250 totals 47,250

laps - Dire... Bangkok (and vici... K 3 bedrooms apart... Saved 1 IIme yentiai ituyei ui ripEIS FiuliDIny at Jaliuai y i, 2021, IMCiuues liiE TUOITOWIIiy accuuiIL waialices. Accounts Debits Credits Cash $ 4,250 Accounts 100 Receivable 9,250 points Supplies Equipment Accumulated 3,250 31,000 $ 7,000 Depreciation Accounts Payable Utilities Payable ook 5,000 6,000 Deferred Revenue References Common Stock 20,500 9,250 $47,750 Retained Earnings Totals $47,750 The following is a summary of the transactions for the year: January 1. 24 Provide plumbing services for cash, $17,500, and on account, $62,500. 13 Collect on accounts receivable, $50,500. 6 Issue shares of common stock in exchange for $12,000 cash. 30 Pay salaries for the current year, $32,500. 2. arch 3. ay 4. June 5. September 15 Pay utilities of $6,000 from 2020 (prior year). 6. November 7. December 24 Receive cash in advance from customers, $9,000. 30 Pay $2,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $7,000. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $9,000 paid in advance by customers, $6,500 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,500. Income General Journal General Requirement Trial Balance Balance Sheet Ledger Statement Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit Credit No Date 17,500 1 January 24 Cash 62,500 Accounts Receivable 80,000 Service Revenue 50,500 March 13 Cash 50,500 Accounts Receivable 12,000 3 May 06 Cash 12,000 Common Stock 32,500 4 June 30 Salaries Expense 32,500 Cash Prev 1 of 1 Next Mc Graw Hill ... ... : *: ........ 2.

Step by Step Solution

3.38 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

General Journal Ref No 1 General Journal Debit 17500 62500 Date Credit Jan 24 Cash Accounts receivab... 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

Financial and Managerial Accounting the basis for business decisions

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

18th edition

125969240X, 978-1259692406

More Books

Students also viewed these Accounting questions

Question

Describe who gets hurt in a recession, and how?

Answered: 1 week ago

Question

Define the term activity base.

Answered: 1 week ago