Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Recelved a $600 deposit from a customer who wanted

image text in transcribed
a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Recelved a $600 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the butiding to a bicycle repair shop; recelved $850 for rent in January. d. Recelved $7,200 from customers as payment on theif accounts. e. Recelved an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. 9. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. 1. Paid $16,500 in wages to employees who worked in January. 1. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Recelved and paid cash for the supplies in (). 1. Paid $320 in interest expense on the long-term note payable. Required: 1 and 2 . Enter the foliowing transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference: 3. Using the data from the Traccounts, amounts for the following at the end of January of the second year, were: Complete this question by entering your answers in the tabs below

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

EH And S Auditing Made Easy A Checklist Approach For Industry

Authors: Kathleen Hess

1st Edition

0865875812, 978-0865875814

More Books

Students also viewed these Accounting questions