1 answer

The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...

Question:

The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 3,850 8,8

Problem 3-8B Part 2 2. Prepare each of the summary transactions listed above. (If no entry is required for a particular trans
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 3,850 8,850 2,850 23,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 5,400 3,400 4,400 0 16,500 8,850 $38,550 $38,550 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $13,500, and on account, $58,500. 2. March 13 Collect on accounts receivable, $46,500. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $31,700. 5. September 15 Pay utilities of $4,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,400. 7. December 30 Pay $1,700 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,400. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $7,400 paid in advance by customers, $5,700 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,300.
Problem 3-8B Part 2 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.)

Answers

Requirement 2: Prepare the summary transactions

Date Account Title and Explanation Debit Credit
Jan 24 Cash $13,500
Accounts receivable $58,500
               Service revenue $72,000
To record service revenue
Mar 13 Cash $46,500
                 Accounts receivable $46,500
To record accounts receivable collected
May 6 Cash $11,000
                 Common stock $11,000
To record common stock issued
June 30 Salaries expense $31,700
                  Cash $31,700
To record salaries expenses paid
Sep 15 Utilities payable $4,400
                  Cash $4,400
To record outstanding utilities paid
Nov 24 Cash $7,400
                  Deferred Revenue $7,400
To record service revenue received in advance
Dec 30 Dividends $1,700
                 Cash $1,700
To record cash dividends paid
.

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