The general ledger of Polymer Plumbing at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 24 frovide plumbing serviceni for cash, $12,500, and on atcount, 557,5000 2. March is Collect on accounts receivable, $45,500 3. May 6 Issue thargs of conwon stock in exchange for $19,000cash. 4. June 30 Pay salaries for the current, year. \$317,500. 5. Sopteibor 15 Pay utilities of $4,000 from 2023 (inion year) 6. Hoveediar 24 Rnceive cash in adyance irom custobers. 57,000 . 7. Decement 10 Pay $1,580 cash dividends to stockholdorf: The following information is avallable for the adjusting entios. Depreciation for the year on the inachinery is $5,000. Plumbing supplies femaining an hand at the end of the year equal $1,000,01 the $7,000 paid in advance by cusiomers, $5,500 of the work has been completed by the end of the year, Accrued uthtles at year-end amounted to $7500 Record plumbing services provided for cash, $12,500, and on account, $57,500. 2 Record the collection on accounts receivable, $45,500. 3 Record the issuance of shares of common stock in exchange for $10,000 cash. 4 Record the payment of salaries for the current year, $31,500. 5 Record the payment of utilities of $4,000 from 2023. 6 Record the cash received in advance from customers, $7,000. Note: = journal entry has been entered 7. Record payment of $1,500 cash dividends to stockholders. 8 Record the adjusting entry for depreciation. 9 Record the adjusting entry for supplies. 10 Record the adjusting entry for revenue earned. Of the $7,000 paid in advance by customers, $5,500 of the work has been completed by the end of the year. 11 Record the adjusting entry for accrued utilities. Accrued utilities at year-end amounted to $7,500. 12 Record the closing entry for revenue. Note : = journal entry has been entered 9 Record the adjusting entry for supplies. 10 Record the adjusting entry for revenue earned. Of the $7,000 paid in advance by customers, $5,500 of the work has been completed by the end of the year. 11 Record the adjusting entry for accrued utilities. Accrued utilities at year-end amounted to $7,500. 12 Record the closing entry for revenue. 13 Record the closing entry for expenses. 14 Record the closing entry for cash dividends. Note : = journal entry has been entered 1. Panuary 24 Proyide plumbine seryices fon cash, $12,590, and ancaccoont, $57,500. 5. Septewber 15 pay utilitins of 14,000 froe 2023 (priser year). 7. December 30 Pay 51,500 cash dividends tw stockholders. The following informiaton Ls civallable for the adyusting entries: Depreciation for the year on the machinery is, 55,000 . Phumbing supplies remaining on hand at the end af the year equal 51000 of the 5.7,000 pald in advance by customers. 55,500 of the work has beren completed by the end of the year, Acarued utilitiesat year ind amourted lo $7500 1. Record each af the transactions listed above in the 'General Journal' tab (thuse are shown as Itechs 1 to 7 ). Revitw the 2. Record the odjesting centries in the 'Gerieral loumal' tob (thegle are shown as itemis 8 to : il). 3. Review the adjusted Trial Balance' as of December 31,2024 . 4. Prepare an income statement for the perlod ended December 31, 202.4, in the fincome statemterif tab. 5. Prepare as ciscoifi-ed balisnce sheet as of December 31,2024 in thi "Faltance Sheef' tab. 6. Precord the closing entries in the'General Journal tab (these are shown as iteins 12 . 0 . 14 )
