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Please explain required problems thank you E3-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO3-3, 3-4 Stacey's Piano Rebuilding Company has been operating for
Please explain required problems thank you
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 $18,900 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 $8,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $490 to be paid in February. f. Ordered $870 in supplies. g. Paid $1,940 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $940 tool (equipment) to use in the business in exchange for 130 shares of $1 par value stock. i. Paid $14,700 in wages to employees who worked in January. j. Declared and paid a \$2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid \$310 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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