The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits
Cash $3,650
Accounts Receivable 8,650
Supplies 2,650
Equipment 19,000
Accumulated Depreciation $4,600
Accounts Payable 2,600
Utilities Payable 3,600
Deferred Revenue 0
Common Stock 14,500
Retained Earnings 8,650
Totals $33,950 $33,950

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

1. January 24 Provide plumbing services for cash, $11,500, and on account, $56,500.
2. March 13 Collect on accounts receivable, $44,500.
3. May 6 Issue shares of common stock in exchange for $12,000 cash.
4. June 30 Pay salaries for the current year, $31,300.
5. September 15 Pay utilities of $3,600 from 2020 (prior year).
6. November 24 Receive cash in advance from customers, $6,600.
7. December 30 Pay $1,300 cash dividends to stockholders.

The following information is available for the adjusting entries.
Depreciation for the year on the machinery is $4,600. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $6,600 paid in advance by customers, $5,300 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,700.

Required:
a. Record each of the transactions listed above.
b. Record the adjusting entries.
3. Review the adjusted 'Trial Balance' as of December 31, 2021,
4. Prepare an income statement for the period ended December 31, 2021.
5. Prepare a classified balance sheet as of December 31, 2021.
6. Record the closing entries.