Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)

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The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:

Accounts	Debits				Credits
Cash	$	4,000
Accounts Receivable		9,000
Supplies		3,000
Equipment		26,000
Accumulated Depreciation					$	6,000
Accounts Payable						4,000
Utilities Payable						5,000
Deferred Revenue						0
Common Stock						18,000
Retained Earnings						9,000
Totals	$	42,000			$	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.

Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,000.

Problem 3-8B Part 8

8-a. Prepare an income statement for the year ended December 31, 2021.

8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1., 3., 6 & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 11. Prepare a post-closing trial balance.