Question & Answer: The general ledger of Pipers Plumbing at January 1, 2015, includes the following account balances: Accounts Cash Accounts rec…..

The general ledger of Pipers Plumbing at January 1, 2015, includes the following account balances: Accounts Cash Accounts receivable Supplies Equipment Accumulated depreciation Accounts payable Utilities payable Unearned revenue Common stock Retained earnings Debits Credits $ 3,500 8,500 2.500 16,000 $ 4,000 2,000 3,000 0 13,000 8,500 Totals $30,500 $30,500 The following is a summary of the transactions for the year. a. Provide plumbing services for cash, $10,000, and on account, $55,000 b. Collect on accounts recelvable, $43,000. c. Issue shares of common stock in exchange for $12.000 cash. d. Pay salaries for the current year, $31,000. e. Pay for utilities expenses, $11,000, of which $3,000 represents costs for 2014. f Receive cash in advance from customers, $6,000 g. Pay $1,000 cash dividends to stockholders. 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.) View transaction list Record the service revenue for the year. 2 Record the collection of accounts receivable 3 Record the issuance of additional stock 4 Record the payment of salaries 5 Record utilities expense 6 Record cash received in advance 7 Record the payment of cash dividends Credit Note : = journal entry has been entered Record entry Clear entry View general journal

The general ledger of Pipers Plumbing at January 1, 2015, includes the following account balances: Accounts Cash Accounts receivable Supplies Equipment Accumulated depreciation Accounts payable Utilities payable Unearned revenue Common stock Retained earnings Debits Credits $ 3,500 8,500 2.500 16,000 $ 4,000 2,000 3,000 0 13,000 8,500 Totals $30,500 $30,500 The following is a summary of the transactions for the year. a. Provide plumbing services for cash, $10,000, and on account, $55,000 b. Collect on accounts recelvable, $43,000. c. Issue shares of common stock in exchange for $12.000 cash. d. Pay salaries for the current year, $31,000. e. Pay for utilities expenses, $11,000, of which $3,000 represents costs for 2014. f Receive cash in advance from customers, $6,000 g. Pay $1,000 cash dividends to stockholders. 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.) View transaction list Record the service revenue for the year. 2 Record the collection of accounts receivable 3 Record the issuance of additional stock 4 Record the payment of salaries 5 Record utilities expense 6 Record cash received in advance 7 Record the payment of cash dividends Credit Note : = journal entry has been entered Record entry Clear entry View general journal

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