The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:   Accounts Debits   Credits Cash $ 3,600           Accounts Receivable   8,600           Supplies   2,600           Equipment   18,000            Accumulated Depreciation         $ 4,400   Accounts Payable           2,400   Utilities Payable           3,400   Deferred Revenue           0   Common Stock           14,000   Retained Earnings           8,600   Totals $ 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.   Record the closing entry for revenue.     Date General Journal Debit Credit December 31                                           Record the closing entry for expenses.     Date General Journal Debit Credit December 31 Record the closing entry for cash dividends.     Date General Journal Debit Credit December 31

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
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The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:

 

Accounts Debits   Credits
Cash $ 3,600          
Accounts Receivable   8,600          
Supplies   2,600          
Equipment   18,000           
Accumulated Depreciation         $ 4,400  
Accounts Payable           2,400  
Utilities Payable           3,400  
Deferred Revenue           0  
Common Stock           14,000  
Retained Earnings           8,600  
Totals $ 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.

 

Record the closing entry for revenue.

 
 
Date General Journal Debit Credit
December 31      
       
       
       
       
 

 

  • Record the closing entry for expenses.
  •  
     
    Date General Journal Debit Credit
    December 31
  • Record the closing entry for cash dividends.
 
 
Date General Journal Debit Credit
December 31
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