Problem 3-8B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Copper Plumbing at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals 1. January 24 2. March 13 Debits 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 $3,700 8,700 2,700 20,000 The following is a summary of the transactions for the year: $35,100 Credits $4,800 2,800 3,800 0 15,000 8,700 $35,100 Provide plumbing services for cash, $12,000, and on account, $57,000. Collect on accounts receivable, $45,000. Issue shares of common stock in exchange for $11,000 cash. Pay salaries for the current year, $31,400. Pay utilities of $3,800 from 2023 (prior year). Receive cash in advance from customers, $6,800. Pay $1,400 cash dividends to stockholders.

Problem 3-8B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Copper Plumbing at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals 1. January 24 2. March 13 Debits 3. May 6 4. June 30 5. September 15 6. November 24 7. December 30 $3,700 8,700 2,700 20,000 The following is a summary of the transactions for the year: $35,100 Credits $4,800 2,800 3,800 0 15,000 8,700 $35,100 Provide plumbing services for cash, $12,000, and on account, $57,000. Collect on accounts receivable, $45,000. Issue shares of common stock in exchange for $11,000 cash. Pay salaries for the current year, $31,400. Pay utilities of $3,800 from 2023 (prior year). Receive cash in advance from customers, $6,800. Pay $1,400 cash dividends to stockholders.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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