Problem 3-8B (connued)
Requirement 2
(a) Debit Credit
Accounts Receivable 65,000
Cash 20,000
(b) Debit Credit
Cash 53,000
(c) Debit Credit
Cash 11,000
(d) Debit Credit
Salaries Expense 33,000
(e) Debit Credit
Utilities Payable 7,000
Utilities Expense 6,000
(f) Debit Credit
Cash 10,000
(g) Debit Credit
Dividends 3,000
Problem 3-8B (connued)
Requirement 3 (entries posted in)
Cash Accounts Receivable Supplies
4,500 9,500 3,500
Equipment Accumulated Depr. Accounts Payable
36,000 8,000 6,000
Utilities Payable Unearned Revenue Common Stock
7,000 0 23,000
Retained Earnings Dividends Service Revenue
9,500 0 0
Salaries Expense Utilities Expense Supplies Expense
0 0 0
Depr. Expense
0
0
Problem 3-8B (connued)
Requirement 4
Pipers Plumbing
Unadjusted Trial Balance
December 31, 2015
Accounts Debit Credit
Cash $ 49,500
Accounts Receivable 21,500
Supplies 3,500
Equipment 36,000
Requirement 5
Debit Credit
Depreciation Expense 8,000
Supplies Expense 2,400
Unearned Revenue 7,000
Problem 3-8B (connued)
Requirement 6 (adjusted entries posted in)
Cash Accounts Receivable Supplies
4,500
20,000
53,000
33,000
13,000
9,500
65,000 53,000
3,500
Equipment Accumulated Depr. Accounts Payable
36,000 8,000 6,000
Utilities Payable Unearned Revenue Common Stock
7,000 0
23,000
Retained Earnings Dividends Service Revenue
9,500 0
3,000
0
85,000
Salaries Expense Utilities Expense Supplies Expense
0
0
0
Depr. Expense
0
Problem 3-8B (connued)
Requirement 7
Pipers Plumbing
Adjusted Trial Balance
December 31, 2015
Accounts Debit Credit
Cash $ 49,500
Accounts Receivable 21,500
Supplies 1,100
Equipment 36,000
Problem 3-8B (connued)
Requirement 8
Pipers Plumbing
Income Statement
For the year ended December 31, 2015
Service revenue $92,000
Expenses:
Salaries 33,000
Utilities 6,000
Pipers Plumbing
Balance Sheet
December 31, 2015
Assets Liabilities
Cash $49,500 Accounts payable $ 6,000
Accounts receivable 21,500 Unearned revenue 3,000
Stockholders’ Equity
Equipment 36,000 Common stock 34,000
Accumulated depr. (16,000) Retained earnings 49,100 *
Total stockholders’ equity 83,100
Total liabilities and
* Retained earnings = Beginning retained earnings + Net income − Dividends
Problem 3-8B (connued)
Requirement 9
December 31, 2015 Debit Credit
Service Revenue 92,000
Retained Earnings 49,400
Salaries Expense 33,000
Utilities Expense 6,000
Supplies Expense 2,400
Retained Earnings 3,000
Problem 3-8B (connued)
Requirement 10 (closing entries posted in)
Cash Accounts Receivable Supplies
4,500
20,000
53,000
33,000
13,000
9,500
65,000 53,000
3,500 2,400
Equipment Accumulated Depr. Accounts Payable
36,000 8,000
6,000
Utilities Payable Unearned Revenue Common Stock
7,000
0
23,000
Retained Earnings Dividends Service Revenue
9,500 0
0
Salaries Expense Utilities Expense Supplies Expense
0
0
0
Depr. Expense
0
0
Problem 3-8B (concluded)
Requirement 11
Pipers Plumbing
Post-Closing Trial Balance
December 31, 2015
Accounts Debit Credit
Cash $ 49,500
Accounts Receivable 21,500
Supplies 1,100
Equipment 36,000
Addi!onal Perspec!ve 3-1
Requirement 1
Aug. 1, 2015 Debit Credit
Cash 30,000
Aug. 4, 2015
Equipment (Kayaks) 28,000
Aug. 10, 2015
Cash 3,000
Unearned Revenue 4,000
Aug. 17, 2015
Cash 10,500
ADDITIONAL perspec!veS
Aug. 24, 2015
Accounts Payable 1,800
Sep. 1, 2015
Prepaid Rent 2,400
Sep. 21, 2015
Cash 13,200
Oct. 17, 2015
Cash 17,900