The general ledger of Polymer Plumbing at January 1, 2024, includes the following account balances: Accounts Cash Debits $4,400 Credits Accounts Receivable 9,400 Supplies 3,400 Equipment 34,000 Accumulated Depreciation $7,600 Accounts Payable 5,600 Utilities Payable 6,600 Deferred Revenue 0 Common Stock 22,000 Retained Earnings Totals $51,200 9,400 $51,200 The following is a summary of the transactions for the year: 1. January 24 2. March 13 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 Provide plumbing services for cash, $19,000, and on account, $64,000. Collect on accounts receivable, $52,000. Issue shares of common stock in exchange for $12,000 cash. Pay salaries for the current year, $32,800. Pay utilities of $6,600 from 2023 (prior year). Receive cash in advance from customers, $9,600. Pay $2,800 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 $7,600. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $9,600 paid in advance by customers, $6,800 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,200. 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. 1 Provide plumbing services for cash, $19,000, and on account, $64,000. 2 Collect on accounts receivable, $52,000. 3 4 5 Issue shares of common stock in exchange for $12,000 cash. Pay salaries for the current year, $32,800. Pay utilities of $6,600 from 2023 (prior year). 6 7 Receive cash in advance from customers, $9,600. Pay $2,800 cash dividends to stockholders. Journal entry worksheet 1 2 3 4 5 6 7 Provide plumbing services for cash, $19,000, and on account, $64,000. Note: Enter debits before credits. Date January 24 General Journal Debit Credit View general journal Record entry Clear entry Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Supplies Expense Depreciation Expense Totals Unadjusted Trial Balance December 31, 2024 Debit Credit Record adjusting entries. Depreciation for the year on the machinery is $7,600. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $9,600 paid in advance by customers, $6,800 of the work has been completed by the end of the year. Accrue utilities at year-end amounted to $6,200. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" i the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry for depreciation, $7,600. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Show less Accounts Cash Accounts Receivable Supplies POLYMER PLUMBING Adjusted Trial Balance December 31, 2024 Debit Credit Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Supplies Expense Depreciation Expense Req 2 Req 4 Req 5 Reg 7 Req 8A Req 8B Req 9 Prepare the income statement for the year ended December 31, 2024. POLYMER PLUMBING Income Statement For the Year Ended December 31, 2024 Expenses: Total Expenses Req 2 Req 4 Req 5 Req 7 Req 8A Req 8B Req 9 and 6 and Req 11 10 Prepare the classified balance sheet for the year ended December 31, 2024. (Amounts to be deducted should be indicated by am sign.) Assets Current Assets: Total Current Assets Long-term Assets: Total Assets POLYMER PLUMBING Balance Sheet December 31, 2024 Liabilities Current Liabilities: Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Req 2 Req 4 Req 5 Req 7 Req 8A Req 8B Req 9 and 6 and Req 11 10 Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in field.) View transaction list Journal entry worksheet 1 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Req 2 Req 4 Req 5 Req 7 Req 8A Req 8B Req 9 Req 1 and 3 and 6 and 10 Req 11 Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Cash Credit Accounts Receivable Debit Credi Beginning Balance Ending Balance Supplies Equipment Debit Credit Debit Credi Beginning Balance Ending Balance Ending Balance Beginning Balance Ending Balance Ending Balance Dividends Service Revenue Debit Credit Debit Credit Beginning Balance Ending Balance Salaries Expense Utilities Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Supplies Expense Depreciation Expense Debit Credit Debit Credit Beginning Balance Beginning Balance. Accounts Cash Accounts Receivable Supplies Post-Closing Trial Balance December 31, 2024 Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Utilities Expense Supplies Expense Depreciation Expense Total Debit Credit