The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Credits Debits $ 4,500 9,5ee 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Connon Stock Retained Earnings $ 8,000 6,600 7,600 23,600 9,500 $53,500 Totals $53,500 The following is a summary of the transactions for the year. 1. January 24 Provide plumbing services for cash, $20,882, and on account, $65,880. 2. March 13 Collect on accounts receivable, $53,080. 3. May 6 Issue shares of common stock in exchange for $11,880 cash. 4. June 38 Pay salaries for the current year, $33,eee. 5. September 15 Pay utilities of $7,889 from 2028 (prior year). 6. November 24 Receive cash in advance from customers, $10,889. 7. December 30 Pay $3,800 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 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 > 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 at Journal entry worksheet 2 3 4 5 6 7 8 ... 14 Record plumbing services provided for cash, $20,000, and on account, $65,000. Note: Enter debits before credits Date General Journal Debit Credit January 24 Record entry Clear entry View general Journal 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 Bat Journal entry worksheet Record the cash received in advance from customers, $10,000. Note: Enter debits before credits Date General Journal Debit Credit November 24 Record entry Clear entry View general Journal 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 Bat Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal 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 Mat Journal entry worksheet .... 7 10 11 12 13 14 > Prepare the closing entry for expenses. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal 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 at Journal entry worksheet
