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 $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 Totals $ 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. 8 Answer is hot complete. Cash Accounts Receivable Beg. Bal. Beg. Bal. ooo 15,000 48,000 10,000 32,000 12,000 d. e. End. Bal. 29,000 End. Bal. O Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. O Accumulated Depreciation Accounts Payable Beg. Bal. Beg. Bal. a. 15,000 X b. End. Bal. 15,000 End. Bal. Utilities Payable Deferred Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Retained Earnings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Dividends Service Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Expense Utilities Expense Salaries Expense Utilities Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Supplies Expense Depreciation Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. 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 $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 Totals $ 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. 8 Answer is hot complete. Cash Accounts Receivable Beg. Bal. Beg. Bal. ooo 15,000 48,000 10,000 32,000 12,000 d. e. End. Bal. 29,000 End. Bal. O Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. O Accumulated Depreciation Accounts Payable Beg. Bal. Beg. Bal. a. 15,000 X b. End. Bal. 15,000 End. Bal. Utilities Payable Deferred Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Retained Earnings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Dividends Service Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Expense Utilities Expense Salaries Expense Utilities Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Supplies Expense Depreciation Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal