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Beethoven's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts
Beethoven's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 7,800 Accounts Payable $ 9,800 30,400 Deferred Revenue (deposits) 3,740 1,740 Notes Payable 54,400 9,800 Contributed Capital 9,800 7.800 Retained Earnings 10,800 31,000 Requirement 1: 30mks Prepare journal entries for the following January transactions, using the letter of each transaction as a reference: (If no entry is required for a transaction/event, write "No journal entry required".) a) Received a $680 deposit from a customer who wanted her piano rebuilt in February b) Rented a part of the building to a bicycle repair shop: $390 rent received for January c) Delivered five rebuilt pianos to customers who paid $18,100 in cash d) Delivered two rebuilt pianos to customers for $8,800 charged on account. e) Received $7,800 from customers as payment on their accounts. Received a utility bill for $530 for January services to be paid in February, g) Ordered $1,160 in supplies h) Paid $2,240 to suppliers on account in January
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