The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits
Cash $4,000
Accounts Receivable 9,000
Supplies 3,000
Equipment 26,000
Accumulated Depreciation $6,000
Accounts Payable 4,000
Utilities Payable 5,000
Deferred Revenue 0
Common Stock 18,000
Retained Earnings 9,000
Totals $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.

Required:
Complete the full accounting cycle.

1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000.

Dr Cash 15,000

Dr Accounts receivable 60,000

    Cr Service revenue 75,000

2. March 13 Collect on accounts receivable, $48,000.

Dr Cash 48,000

    Cr Accounts receivable 48,000

3. May 6 Issue shares of common stock in exchange for $10,000 cash.

Dr Cash 10,000

    Cr Common stock 10,000

4. June 30 Pay salaries for the current year, $32,000.

Dr Wages expense 32,000

    Cr Cash 32,000

5. September 15 Pay utilities of $5,000 from 2020 (prior year).

Dr Utilities payable 5,000

    Cr Cash 5,000

6. November 24 Receive cash in advance from customers, $8,000.

Dr Cash 8,000

    Cr Unearned revenue 8,000

7. December 30 Pay $2,000 cash dividends to stockholders.

Dr Dividends 2,000

    Cr Cash 2,000

Adjusting entries:

Depreciation for the year on the machinery is $6,000.

Dr Depreciation expense 6,000

    Cr Accumulated depreciation 6,000

Plumbing supplies remaining on hand at the end of the year equal $1,000.

Dr Supplies expense 2,000

    Cr Supplies 2,000

Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year.

Dr Unearned revenue 6,000

    Cr Service revenue 6,000

Accrued utilities at year-end amounted to $7,000.

Dr Utilities expense 7,000

    Cr Utilities payable 7,000

Pipers Plumbing

Trial balance

For the year ended December 31, 2021

                                                              debit            credit

Cash                                                  $46,000

Accounts Receivable                        $21,000

Supplies                                               $1,000

Equipment                                        $26,000  

Accumulated Depreciation                                    $12,000

Accounts Payable                                                    $4,000

Utilities payable                                                        $7,000

Deferred Revenue                                                   $2,000

Common Stock                                                      $28,000

Retained Earnings                                                   $9,000

Service revenue                                                     $81,000

Wages expense                                 $32,000

Depreciation expense                         $6,000

Supplies expense                                $2,000

Utilities expense                                  $7,000

Dividends                                            $2,000                      

Totals                                                $143,000     $143,000

Pipers Plumbing

Income statement

For the year ended December 31, 2021

Service revenue                                                     $81,000

Net income                                                            $34,000

Pipers Plumbing

Retained Earnings Statement

For the year ended December 31, 2021

Beginning balance January 1, 2021          $9,000

Net income                                              $34,000

Subtotal                                                    $43,000

Dividends                                                 ($2,000)

Ending balance December 31, 2021       $41,000

Pipers Plumbing

Balance Sheet

For the year ended December 31, 2021

Assets:

Cash $46,000

Accounts Receivable $21,000

Supplies $1,000

Equipment, net $14,000  

Total assets                                        $82,000

Liabilities:

Accounts Payable $4,000

Utilities payable $7,000

Deferred Revenue $2,000

Total liabilities                                     $13,000

Stockholders' Equity

Common Stock $28,000

Retained Earnings $41,000

Total stockholders' equity                 $69,000

Total liabilities + equity                      $82,000

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