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Prepare an unadjusted trial balance at January 31. Rickys Piano Rebuilding Company has been operating for one year. On January 1, at the start of
Prepare an unadjusted trial balance at January 31.
Rickys 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 | $ 7,000 | Accounts Payable | $ 9,550 |
---|---|---|---|
Accounts Receivable | 38,250 | Deferred Revenue (deposits) | 3,400 |
Supplies | 1,600 | Notes Payable (long-term) | 64,000 |
Equipment | 15,800 | Common Stock | 14,500 |
Land | 9,250 | Retained Earnings | 8,150 |
Buildings | 27,700 |
Following are the January transactions:
- Received a $670 deposit from a customer who wanted her piano rebuilt in February.
- Rented a part of the building to a bicycle repair shop; $740 rent received for January.
- Delivered five rebuilt pianos to customers who paid $21,575 in cash.
- Delivered two rebuilt pianos to customers for $10,000 charged on account.
- Received $7,600 from customers as payment on their accounts.
- Received an electric and gas utility bill for $380 for January services to be paid in February.
- Ordered $980 in supplies.
- Paid $2,800 on account in January.
- Paid $18,400 in wages to employees in January for work done this month.
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