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The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 3,600 8,600 2,600 18,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 4,400 2,400 3,400 0 14,000 8,600 $32,800 $32,800 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $11,000, and on account, $56,000. 2. March 13 Collect on accounts receivable, $44,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $31,200. 5. September 15 Pay utilities of $3,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $6,400. 7. December 30 Pay $1,200 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,400. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $6,400 paid in advance by customers, $5,200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,800. 4. Prepare an unadjusted trial balance. PIPERS PLUMBING Unadjusted Trial Balance December 31, 2021 Accounts Debit Credit Cash $ 3,600 Accounts Receivable 8,600 2,600 18,000 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 $ 32,800 $ 0 5. Record adjusting entries. Depreciation for the year on the machinery is $4,400. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $6,400 paid in advance by customers, $5,200 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,800. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 > Record the adjusting entry for depreciation, $4,400. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 7. Prepare an adjusted trial balance. PIPERS PLUMBING Adjusted Trial Balance December 31, 2021 Accounts Debit Credit 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 $ 0 $ 0 8-a. Prepare an income statement for the year ended December 31, 2021. PIPERS PLUMBING Income Statement For the Year Ended December 31, 2021 Expenses: Total expenses 0 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) PIPERS PLUMBING Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total current assets 0 0 Total Current Liabilities Stockholder's Equity Long-term Assets: 0 Total Stockholder's Equity 0 Total Liabilities and Stockholders' Equity Total Assets $ $ 0 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31 1., 3., 6 & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 Accumulated Depreciation Accounts Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. Utilities Payable Deferred Revenue Beg. Bal. Beg. Bal. Common Stock Retained Earnings Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Dividends Service Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Expense Utilities Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Supplies Expense Depreciation Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. 11. Prepare a post-closing trial balance. PIPERS PLUMBING Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit 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 Total $ 0 $ 0