A) PREPARE JOURNAL ENTRIES ( THIS PART IS DONE)

B ) PREPARE UNADJUSTED TRIAL BALANCE

C) PREPARE BALANCE SHEET

Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, income statement accounts had zero balances and its balance sheet account balances were as follows: $ 8,000 3,200 Cash Accounts Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long- term) 8,000 Common Stock 6,000 Retained Earnings 22,000 40,000 8,000 9,000 Following are the January transactions: a. Received a $500 deposit from a customer who wanted her plano rebuilt in February. b. Rented a part of the building to a bicycle repair shop: $300 rent received for January. c. Delivered five rebuilt pianos to customers who paid $14,500 in cash. d. Delivered two rebuilt planos to customers for $7,000 charged on account e. Received $6,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $350 for January services to be paid in February g. Ordered $800 in supplies. h. Paid $1,700 on account in January 1. Paid $10,000 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (9) answer 1 Journal entries Sl. No Journal Dr amount Cramount a cash a/c dr 500 to unearned revenue a/c 500 (being cash received in advance recorded) b cash a/c dr 300 to rent a/c 300 (being cash recieved on account of rent) cash a/c dr 14500 to service revenue a/c 14500 d accounts recievable a/c dr 7000 to service revenue a/c 7000 (being service performed on credit recorded) e cash a/c dr 6000 to accounts recievables a/c 6000 (being cash received on account from customer) f utility expense a/c dr 350 to accounts payable a/c 350 (being electric & gas expense incurred recorded) g No journal entries required h accounts payable a/c dr 1700 to cash a/c 1700 (being cash paid on account) i wages expense a/c dr 10000 to cash a/c 10000 (being cash paid on account of wages) j supplies a/c dr 800 to cash a/c 800 (being cash paid on account of supplies received)