The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Credits Debits $ 4,100 9,180 3,100 28, eee Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,480 4,480 5, 4ee 19, eee 9,180 $44,300 $44,3ee The following is a summary of the transactions for the year. 1. January 24 Provide plumbing services for cash, $15,000, and on account, $61,000. 2. March 13 Collect on accounts receivable, $49, eee. 3. May 6 Issue shares of common stock in exchange for $12,888 cash. 4. June 30 Pay salaries for the current year, $32,200. 5. September 15 Pay utilities of $5,400 from 202(prior year). 6. November 24 Receive cash in advance from customers, $8,480. 7. December 30 Pay $2,200 cash dividends to stockholders. The following Information is available for the adjusting entries. Depreciation for the year on the machinery is $6,400. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $8,400 paid in advance by customers, $6,200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,800. General General Income Requirement Journal Ledger Trial Balance Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance" tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-10). 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13). Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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 Journal entry worksheet 1 2 3 6 8 14 > Record plumbing services provided for cash, $15,000, and on account, $61,000. Note: Enter debits before credits. Date General Journal Debit Credit January 24 Cash 16.000 61,000 Accounts Receivable Service Revenue 77,000 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Pipers Plumbing Income Statement For the Year Ended December 31, 2021 Revenues: 0 Total Revenues Expenses: Total expenses 0 S 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Pipers Plumbing Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: 0 Total Current Liabilities Stockholder's Equity 0 0 Total Current Assets Long-term Assets 0 0 0 0 0 Total Stockholder's Equity 0 Total Liabilities and Stockholders' Equity Total Assets $ S 0
