Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me figured to mistake Required information [The following information applies to the questions displayed below.) Ricky's Piano Rebuilding Company has been operating for

image text in transcribedimage text in transcribed

Please help me figured to mistake

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 Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long-term) 8,000 Common Stock 6,000 Retained Earnings 22,000 $ 8,000 3,200 40,000 8,000 9,000 Following are the January transactions: a. Received a $500 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $300 rent received for January. c. Delivered five rebuilt pianos to customers who paid $14,500 in cash. d. Delivered two rebuilt pianos to customers for $7,000 charged on account. e. Received $6,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $350 for January services to be paid in February. g. Ordered $800 in supplies. h. Paid $1,700 on account in January. i. Paid $10,000 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). Required information Answer is complete but not entirely correct. 14,800 RICKY'S PIANO REBUILDING COMPANY Unadjusted Trial Balance At January 31 Account Name Debit Credit Cash Accounts Receivable 26,000 Supplies 2,000 Equipment 8,000 Land 6,000 Utilities Expense 350 Salaries and Wages Expense 10,000 Buildings 22,000 Accounts Payable 6,300 Deferred Revenue 3,700 Notes Payable (long-term) 40,000 Common Stock 8,000 Retained Earnings 9,000 Rent Revenue 300 Service Revenue 21,500 350 > > > > > > Total 89,150 89,150

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, George Foster, Srikant M. Datar, Madhav T. Rajan, Chris M. Ittner

13th Edition

0131355589, 978-0131355583

More Books

Students also viewed these Accounting questions

Question

What is a carry trade?

Answered: 1 week ago

Question

How did you feel about taking piano lessons as a child? (general)

Answered: 1 week ago