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I need help filling the T accounts E3-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO3-3, 3-4 Stacey's Piano Rebuilding Company has been operating
I need help filling the T accounts
E3-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO3-3, 3-4 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 $19,200 in cash. b. Received a $530 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $860 for rent in January. d. Received $7,900 from customers as payment on their accounts. e. Received an electric and gas utility bill for $450 to be paid in February. f. Ordered $900 in supplies. g. Paid $1,840 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 130 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a \$2,200 dividend (reduce Retained Eamings and Cash). k. Received and paid cash for the supplies in (f). I. Paid $330 in interest expense on the long-term note payable. Required: 1 and 2. Enter the following 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 T-accounts, amounts for the following at the end of January of the second year, wereStep by Step Solution
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