Question
Me Saved Help Save The general ledger of Pipers Plumbing at January 1, 2021, Includes the...
me Saved Help Save The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $ 42,000 $42,000 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts receivable, $48,000. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 30 Pay salaries for the current year, $32,000. 5. September 15 Pay utilities of $5,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $8,000. 7. December 30 Pay $2,000 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,000. Prey 6 7 8 Next
App ESPN Personalized - Lucky Stars ter 3 Showtime Saved Help Problem 3-8B Part 9 5 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" Int account field.) S of 8 View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31 < Prev 7 8 of 8 Next >
Required information View transaction list Journal entry worksheet < 1 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal < Prev 6 7 00 of 8 !! Next >
Required Information 5 View transaction list of 8 Journal entry worksheet < 1 2 Record the entry to close the dividends account. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal < Prev 6 7 8 of 8 Next >
Answers
Closing Entries Event Particulars Debit Credit 1) Service Revenue $ 81,000.00 To Retained Earnings $ 81,000.00 2) Retained Earnings $ 47,000.00 To Salaries Expense $ 32,000.00 To Depreciation Expense $ 6,000.00 To Utilities Expense $ 7,000.00 To Supplies Expense $ 2,000.00 3) Retained Earnings $ 2,000.00 To Dividends $ 2,000.00 Workings:
Adjusted Trial Balance Debit Credit Cash $ 46,000.00 Accounts Receivable $ 21,000.00 Supplies $ 1,000.00 Equipment $ 26,000.00 Accumulated Depreciation $ 12,000.00 Accounts Payable $ 4,000.00 Utilities Payable $ 7,000.00 Deferred Revenue $ 2,000.00 Common Stock $ 28,000.00 Retained Earnings $ 9,000.00 Dividends $ 2,000.00 Service Revenue $ 81,000.00 Salaries Expense $ 32,000.00 Depreciation Expense $ 6,000.00 Utilities Expense $ 7,000.00 Supplies Expense $ 2,000.00 Total $1,43,000.00 $1,43,000.00
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