100% 47 Edit View History Bookmarks People Tab Window Help ct Users - 20/FA:P X LS Chapter 14 HW - G X Mc Graw Hal er Connect - Results: A22 X Q Chapter 11 Pricing Proc X O Connect ezto.mheducation.com/ext/map/index.html?_con3con&external_browser=D0&launchUrl=https%253A%252F%252Fnewconnect.mhe... oter 3 Quiz G Saved Help Save & Exit Submit You skipped this question in the previous attempt. Check my work 9. Problem 3-8B Part 9 art 6 of 6 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) points View transaction list View journal entry worksheet No Date General Journal Debit Credit 02:04:11 1 December 31 Depreciation Expense 5,800 eBook Equipment 5,800 References December 31 Supplies Expense 1,750 Supplies 1,750 December 31 Deferred Revenue 5,900 Service Revenue 5,900 ,900 Mc Graw Hill Education < Prev of 10 Next > OCT 2 4 tv G Search or type URL ! @ # % & 2 3 4 5 ( ) 6 7 8 9 W E R Y U P A. %24 3. 2.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

The following information applies to the questions displayed below.]

     

 

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

 

 

 

AccountsDebits Credits

Cash$3,950     

Accounts Receivable 8,950     

Supplies 2,950     

Equipment 25,000      

Accumulated Depreciation    $5,800

Accounts Payable     3,800

Utilities Payable     4,800

Deferred Revenue     0

Common Stock     17,500

Retained Earnings     8,950

Totals$40,850  $40,850

 

 

The following is a summary of the transactions for the year:

 

1. January 24 Provide plumbing services for cash, $14,500, and on account, $59,500.

2. March 13 Collect on accounts receivable, $47,500.

3. May 6 Issue shares of common stock in exchange for $12,000 cash.

4. June 30 Pay salaries for the current year, $31,900.

5. September 15 Pay utilities of $4,800 from 2020 (prior year).

6. November 24 Receive cash in advance from customers, $7,800.

7. December 30 Pay $1,900 cash dividends to stockholders.

 

 

The following information is available for the adjusting entries.

 

Depreciation for the year on the machinery is $5,800. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $7,800 paid in advance by customers, $5,900 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,100.

9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

 
100% 47
Edit View
History
Bookmarks People Tab Window Help
ct Users - 20/FA:P X LS Chapter 14 HW - G X
Mc
Graw
Hal
er
Connect - Results: A22 X Q Chapter 11 Pricing Proc X
O Connect
ezto.mheducation.com/ext/map/index.html?_con3con&external_browser=D0&launchUrl=https%253A%252F%252Fnewconnect.mhe...
oter 3 Quiz G
Saved
Help
Save & Exit
Submit
You skipped this question in the previous attempt.
Check my work
9.
Problem 3-8B Part 9
art 6 of 6
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field.)
points
View transaction list
View journal entry worksheet
No
Date
General Journal
Debit
Credit
02:04:11
1
December 31
Depreciation Expense
5,800
eBook
Equipment
5,800
References
December 31
Supplies Expense
1,750
Supplies
1,750
December 31
Deferred Revenue
5,900
Service Revenue
5,900
,900
Mc
Graw
Hill
Education
< Prev
of 10
Next >
OCT
2
4
tv
G Search or type URL
!
@
#
%
&
2
3
4
5
(
)
6
7
8
9
W
E
R
Y
U
P
A.
%24
3.
2.
Transcribed Image Text:100% 47 Edit View History Bookmarks People Tab Window Help ct Users - 20/FA:P X LS Chapter 14 HW - G X Mc Graw Hal er Connect - Results: A22 X Q Chapter 11 Pricing Proc X O Connect ezto.mheducation.com/ext/map/index.html?_con3con&external_browser=D0&launchUrl=https%253A%252F%252Fnewconnect.mhe... oter 3 Quiz G Saved Help Save & Exit Submit You skipped this question in the previous attempt. Check my work 9. Problem 3-8B Part 9 art 6 of 6 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) points View transaction list View journal entry worksheet No Date General Journal Debit Credit 02:04:11 1 December 31 Depreciation Expense 5,800 eBook Equipment 5,800 References December 31 Supplies Expense 1,750 Supplies 1,750 December 31 Deferred Revenue 5,900 Service Revenue 5,900 ,900 Mc Graw Hill Education < Prev of 10 Next > OCT 2 4 tv G Search or type URL ! @ # % & 2 3 4 5 ( ) 6 7 8 9 W E R Y U P A. %24 3. 2.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 8 images

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education