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: Credits Debits $ 4,250 9,250 3,250 31,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,000 5,000 6,000 0 20,500 9,250 $47,750 $47,750 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $17.500, and on account, $62,500. 2. March 13 Collect on accounts receivable, $50,500. 3. May 6 Issue shares of common stock in exchange for $12,000 cash. 4. June 30 Pay salaries for the current year, $32,500. 5. September 15 Pay utilities of $6,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $9,000. 7. December 30 Day $2,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $7,000. Plumbing supplies remaining on hand at the end of the year equ $1,200. Of the $9,000 paid in advance by customers, $6,500 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,500. 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal