Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I want the T-accounts labelled with its letters for the following transactions. Also, after the T-accounts are done I want the Trial balance, please. Thank
I want the T-accounts labelled with its letters for the following transactions. Also, after the T-accounts are done I want the Trial balance, please. Thank you.
Required information [The following information applies to the questions displayed below.] Ricky'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 Payable $ 9,550 Accounts Receivable 3,400 $ 7,000 38,250 Deferred Revenue (deposits) 1,600 Notes Payable (long-term) 15,800 Common Stock Supplies Equipment 64,000 14,500 8,150 Land 9,250 Retained Earnings 27,700 Buildings. Following are the January transactions: 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; $740 rent received for January. c. Delivered five rebuilt pianos to customers who paid $21,575 in cash. d. Delivered two rebuilt pianos to customers for $10,000 charged on account. e. Received $7,600 from customers as payment on their accounts. f. Received an electric and gas utility bill for $380 for January services to be paid in February. g. Ordered $980 in supplies. h. Paid $2,800 on account in January. i. Paid $18,400 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). 3. Post the journal entries to the T-accounts. Show the beginning and unadjusted ending balances in the T-accounts. Debit Beginning Balance (a) (b) (c) (e) Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Cash 7,000 670 7,670 Supplies 0 Land 0 Credit (h) (0) (g) Credit Credit Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Account Receivable Equipment 0 Building 0 Credit Credit Credit Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Accounts Payable Notes Payable Retained Earnings 0 0 0 Credit Credit Credit Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Deferred Revenue Common Stock Service Revenue 0 0 0 Credit Credit Credit Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Rent Revenue Utilites Expense 0 0 Credit Credit Debit Beginning Balance Ending Balance Salaries and Wages Expense 0 Credit 4. Prepare an unadjusted trial balance at January 31. RICKY'S PIANO REBUILDING COMPANY Unadjusted Trial Balance Account Name Debit Total $ 0 $ Credit 0Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started