value: 0.25 points 7. Prepare an adjusted trial balance PIPERS PLUMBING Adjusted Trial Balance December 31, 2018 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 Debit Credit Totals 0 17, value 0.25 points 8-a. Prepare an income statement for the year ended December 31, 2018. PIPERS PLUMBING Income Statement For the Year Ended December 31, 2018 Expenses Total expenses 0 8-b. Prepare a classified balance sheet for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) PIPERS PLUMBING Balance Sheet December 31, 2018 Assets Liabilities Current assets: Current liabilities Total current liabilities Total current assets 0 0 Long-term assets: Stockholder's Equity Total stockholder's equity 0 Total liabilities and stockholders' equity Total assets 0 18. 25 points 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 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31 2018 Record entry Clear entry View general journal Check my work 19 0 value: O.25 points 11. Prepare a post-closing trial balance. PIPERS PLUMBING Post-Closing Trial Balance December 31, 2018 Accounts Debit Credit Cash Accounts receivable Supplies Equipment Accumulated depreciation Accounts payable Deferred revenue Common stock Retained earnings Totals The following information applies to the questions displayed below. The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances: Debits 4,500 9,500 3,500 Credits Accounts recelvable Equipment Accumulated depreciation Accounts payable Utilities payable Deferred revenue Common stock Retained earnings $8,000 $53,500 $53,500 The following is a summary of the transactions for the year: a. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. b. March 13 Collect on accounts receivable, $53,000. C. May 6 issue shares of common stock in exchange for $11,000 cash. d. June 30 Pay salaries for the current year, $33,000. e. September 15 Pay for utilities expenses, $13,000, of which $7,000 represents costs for 2017 f. November 24 Receive cash in advance from customers, $10,000. g. December 30 Pay $3,000 cash dividends to stockholders. h. Depreciation for the year on the machinery is $8,000. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the year. value: 0.25 points 1., 3., 6 & 10. Enter the beginning balances from the trial balance and post the adjusting entries and the closing entries to the T-account:s 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 End. Bal End. Bal 0 Common Stock Retained Earnings Common Stock Retained Earnings Beg. Bal Beg. Bal End. Bal 0 End. Bal 0 Dividends Service Revenue Beg. Bal Beg. Ball 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 13. 2 Requiree 0.25 points 2. Prepare each of the summary transactions listed above. (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 service revenue for the year Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal References eBook & Resources value: 0.25 points 4. Prepare an unadjusted trial balance PIPERS PLUMBING Unadjusted Trial Balance December 31, 2018 Credit 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 Debit Totals 0 value: 0.25 points 5. Record adjusting 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 2 3 Record the adjustment for depreciation. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
