eBookPrintReferencesCheck my workCheck My Work button is now enabledItem $14$

The general ledger of Pipers Plumbing at January $1,2024,$ includes the following account balances:

Accounts Debits Credits

Cash $ $4,150$

Accounts Receivable $9,150$

Supplies $3,150$

Equipment $29,000$

Accumulated Depreciation $ $6,600$

Accounts Payable $4,600$

Utilities Payable $5,600$

Deferred Revenue $0$

Common Stock $19,500$

Retained Earnings $9,150$

Totals $ $45,450$ $ $45,450$

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

$1.$ January $24$ Provide plumbing services for cash, $$16,500,$ and on account, $$61,500.$

$2.$ March $13$ Collect on accounts receivable, $$49,500.$

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

$4.$ June $30$ Pay salaries for the current year, $$32,300.$

$5.$ September $15$ Pay utilities of $$5,600$ from $2024($prior year$).$

$6.$ November $24$ Receive cash in advance from customers, $$8,600.$

$7.$ December $30$ Pay $$2,300$ cash dividends to stockholders.

The following information is available for the adjusting entries.

Depreciation for the year on the machinery is $$6,600.$ Plumbing supplies remaining on hand at the end of the year equal $$1,000.$ Of the $$8,600$ paid in advance by customers, $$6,300$ of the work has been completed by the end of the year. Accrued utilities at year$-$end amounted to $$6,700.$