Prepare journal entries for the above January transactions

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