(practice question) The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:

(practice question)

The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:     

  Accounts Debits Credits  Cash $3,900      Accounts Receivable 8,900      Supplies 2,900      Equipment 24,000       Accumulated Depreciation   $5,600    Accounts Payable    3,600    Utilities Payable    4,600    Deferred Revenue    0    Common Stock    17,000   Retained Earnings    8,900  

       Totals $39,700 $39,700    

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

  1. January 24 Provide plumbing services for cash, $14,000, and on account, $59,000.
  2. March 13 Collect on accounts receivable, $47,000.
  3. May 6Issue shares of common stock in exchange for $10,000 cash.
  4. June 30Pay salaries for the current year, $31,800.
  5. September 15 Pay for utilities expenses, $11,800, of which $4,600 represents costs for 2017.
  6. November 24 Receive cash in advance from customers, $7,600.
  7. December 30 Pay $1,800 cash dividends to stockholders.

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