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Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference: Using the data
Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference:
Using the data from the T-accounts, amounts for the following at the end of January of the second year, were:
T-Accounts are below:
Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: a. Rebuilt and delivered five pianos in January to customers who paid $19,300 in cash. b. Received a $580 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $840 for rent in January. d. Received $7,700 from customers as payment on their accounts. e. Received an electric and gas utility bill for $440 to be paid in February. f. Ordered $950 in supplies. g. Paid $1,440 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $970 tool (equipment) to use in the business in exchange for 130 shares of $1 par value stock. i. Paid $14,100 in wages to employees who worked in January. j. Declared and paid a $2,100 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid $330 in interest expense on the long-term note payable. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Cash } & \\ \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{|l|}{ Credit } \\ \hline \multicolumn{4}{|c|}{ Beginning Balance } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & 0 & & \\ \hline \multicolumn{4}{|c|}{ Supplies } \\ \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{|l|}{ Credit } \\ \hline \multicolumn{4}{|c|}{ Beginning Balance } \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & 0 & & \\ \hline \multicolumn{4}{|c|}{ Land } \\ \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{|l|}{ Credit } \\ \hline \multicolumn{4}{|c|}{ Beginning Balance } \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & 0 & & \\ \hline \end{tabular} Using the data from the T-accounts, amounts for the following at the end of January of the second year, were
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