Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below are the questions you should answer and upload in the Test 1 Drop box Ricky's Piano Rebuilding Company has been operating for one year.

image text in transcribed

image text in transcribed

Below are the questions you should answer and upload in the Test 1 Drop box Ricky's Piano Rebuilding Company has been operating for one year. On January 1,2023 , at the start of its second year, the company's account balances were as follows: 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 $670 deposit from a customer who wanted her piano rebuilt in February. b) Rented a part of the building to a bicycle repair shop: $385 rent received for January. c) Delivered five rebuilt pianos to customers who paid $17,900 in cash. d) Delivered two rebuilt pianos to customers for $8,700 charged on account. e) Received $7,700 from customers as payment on their accounts. f) Received a utility bill for $520 for January services to be paid in February. g) Ordered $1,140 in supplies. h) Paid $2,210 to suppliers on account in January. i) Paid $18,500 in wages to employees in January for work done this month: 1) Received and paid cash for the supplies in (g). Requirement 2: 25mks Post the journal entries to the T-accounts and show the ending balances in the T-accounts. Requirement 3: 25mks Use the balances in the completed T-accounts to prepare a trial balance at the end of January. Requirement 4: 20mks Prepare an income statement for the month ended January 31,2023

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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