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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.
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
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