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 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 year-end amounted to $6,000. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income 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 . Journal entry worksheet Record the cash received in advance from customers, $10,000. Record the adjusting entry for revenue earned. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the year. Note: Enter debits before credits. Note: Enter debits before credits. Credit Credit Date November 24 General Journal Cash Accounts Receivable Debit 10,000 Date December 31 General Journal Accounts Receivable Service Revenue Debit 7,000 L 10,000 7,000 Record entry Clear entry View general journal Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet Record the closing entry for cash dividends. Note: Enter debits before credits. Credit Date General Journal December 31 Retained Earnings Debit 3,000 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: Total Revenues Expenses: Total expenses 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: Total Current Liabilities Stockholder's Equity 0 Total Current Assets Long-term assets: 0 0 Total Stockholder's Equity 0 Total Liabilities and Stockholders' Equity Total Assets
