Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Debits Credits $ 3,700 8,708 2,708 28,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable utilities Payable Deferred Revenue Common Stock Retained Earnings Totals The following is a summary of the transactions for the year 1. January 2. March 3. May 4. June 5. September 15 Pay utilities of $3,889 from 2828 (per year). 6. November 24 Receive cash in advance from customers, $6,800. 7. December 30 Pay $1,400 cash dividends to stockholders. Problem 3-88 Part 8 Expenses The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,800. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $6.800 paid in advance by customers. $5.400 of the work has been completed by the end of the year Accrued utilities at year-end amounted to $7,600. Total expenses 24 Provide plumbing services for cash, $12,888, and on account, $57,800. 13 Collect on accounts receivable, $45,000. $4,800 2,000 3,00 15,800 8,700 $35,100 $35, 100 6 Issu shares of common stock in exchange for $11,000 cash. 38 Pay salaries for the current year, $31,400. -a. Prepare an income statement for the year ended December 31, 2021. Current Assets 8 PIPER & PLUMBING Income tatement For the Year Ended December 31, 2021 Total asets Total current assets Long-term Assets: -b. Prepare a classified balance sheet for the year ended December 31, 2021 (Amounts to be deducted should be indicated by s minus sign.) Assets S PIPER & PLUMBING Balance Sheet December 31, 2021 0 Current Liabilities: Total Current Liabilities Liabilities Stookholder's Equity Total Stockholder's Equity Total Liables and Stockholders Equity $ 0

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View Policies Current Attempt in Progress Vaughn Bikes Ltd. reports cash sales of $6,600 on October 1. (a) Record the sales assuming they are subject to 13% HST. (b) Record the sales assuming they are subject to 5% GST and 9.975% QST. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (a) Oct. 1 (b) Oct. 1 eTextbook and Media List of Accounts

Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00