The general ledger of Plastic Plumbing at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $3,650 Accounts Receivable 8,650 Supplies 2,650 Equipment 19,000 Accumulated Depreciation $4,600 Accounts Payable 2,600 Utilities Payable 3,600 Deferred Revenue 0 Common Stock 14,500 Retained Earnings 8,650 Totals $33,950 $33,950

The following is a summary of the transactions for the year:

1. January 24

Provide plumbing services for cash, $11,500, and on account, $56,500.

2. March 13

Collect on accounts receivable, $44,500.

3. May 6

Issue shares of common stock in exchange for $12,000 cash.

4. June 30

Pay salaries for the current year, $31,300.

5. September 15

Pay utilities of $3,600 from 2023 (prior year).

6. November 24

Receive cash in advance from customers, $6,600.

7. December 30

Pay $1,300 cash dividends to stockholders.

Required:

2. Record each of the summary transactions listed above.

4. Prepare an unadjusted trial balance.

5. Record adjusting entries. Depreciation for the year on the machinery is $4,600. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $6,600 paid in advance by customers, $5,300 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,700.

7. Prepare an adjusted trial balance.

8-a. Prepare the income statement for the year ended December 31, 2024.

8-b. Prepare the classified balance sheet for the year ended December 31, 2024.

9. Record closing entries.

1., 3., 6., & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.

11. Prepare a post-closing trial balance.