The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances: Accounts Debits Credits
Cash $ 4,500
Accounts receivable 9,500
Supplies 3,500
Equipment 36,000
Accumulated depreciation $ 8,000
Accounts payable 6,000
Utilities payable 7,000
Deferred revenue 0
Common stock 23,000
Retained earnings 9,500
Totals $ 53,500 $ 53,500
The following is a summary of the transactions for the year:.
1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000.
2. March 13 Collect on accounts receivable, $51,000.
3. May 6 Issue shares of common stock in exchange for $10,000 cash.
4. June 30 Pay salaries for the current year, $32,600.
5. September 15 Pay utilities of $6,200 from 2020 (prior year).
6. November 24 Receive cash in advance from customers, $9,200.
7. December 30 Pay $2,600 cash dividends to stockholders.
The following information is available for the adjusting entries.
Depreciation for the year on the machinery is $7,200.
Plumbing supplies remaining on hand at the end of the year equal $1,000.
Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.
Accrued utilities at year-end amounted to $6,400.

Journal entries

1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000.

Dr Cash 18,000

Dr Accounts receivable 63,000

    Cr Service revenue 81,000

2. March 13 Collect on accounts receivable, $51,000.

Dr Cash 51,000

    Cr Accounts receivable 51,000

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, $32,600.

Dr Wages expense 32,600

    Cr Cash 32,600

5. September 15 Pay utilities of $6,200 from 2020 (prior year).

Dr Utilities payable 6,200

    Cr Cash 6,200

6. November 24 Receive cash in advance from customers, $9,200.

Dr Cash 9,200

    Cr Unearned revenue 9,2000

7. December 30 Pay $2,600 cash dividends to stockholders.

Dr Dividends 2,600

    Cr Cash 2,600

Adjusting entries

Depreciation for the year on the machinery is $7,200.

Dr Depreciation expense 7,200

    Cr Accumulated depreciation, equipment 7,200

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

Dr Supplies expense 2,500

    Cr Supplies 2,500

Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.

Dr Unearned revenue 6,600

    Cr Service revenue 6,600

Accrued utilities at year-end amounted to $6,400.

Dr Utilities expense 6,400

    Cr Utilities payable 6,400

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