The general ledger of Pipers Plumbing at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,008, and on account, $60,080. 2. March 13 collect on accounts receivable, $48,00. 3. May 6 Issue shares of common stock in exchange for $10,900 cash. 4. June 30 Pay salaries for the current year, \$32, 000 . 5. Septenber 15 Pay utilities of $5,000 fron 2024 (prior year). 6. Novenber 24 Receive cash in advance fron customers, $8,000. 7. December 30 pay $2,800 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1.000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at yearend amounted to $7,000. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 17 ). 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 31,2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13). The general ledger of Pipers Plumbing at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,008, and on account, $60,080. 2. March 13 collect on accounts receivable, $48,00. 3. May 6 Issue shares of common stock in exchange for $10,900 cash. 4. June 30 Pay salaries for the current year, \$32, 000 . 5. Septenber 15 Pay utilities of $5,000 fron 2024 (prior year). 6. Novenber 24 Receive cash in advance fron customers, $8,000. 7. December 30 pay $2,800 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1.000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at yearend amounted to $7,000. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 17 ). 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 31,2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11-13)
