Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below] Ricky's Plano Rebuilding Company has been operating for one year. On January 1,
Required information [The following information applies to the questions displayed below] Ricky's Plano 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 Buildings $ 6,800 Accounts Payable 32,750 Deferred Revenue (deposits) $ 12,600 3,250 1,850 Notes Payable (long-term) 14,500 Common Stock 45,500 7,500 10,050 Retained Earnings 17,300 20,200 Following are the January transactions: a. Received a $870 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle repair shop: $355 rent received for January. b. c. Delivered five rebuilt pianos to customers who paid $12,775 in cash. d. Delivered two rebuilt pianos to customers for $6,400 charged on account. e. Received $5,300 from customers as payment on their accounts. f. Received an electric and gas utility bill for $675 for January services to be paid in February g. Ordered $945 In supplies. h. Paid $1,750 on account in January. L Paid $11,000 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. Cash Account Receivable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Debita Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Ending Balance Supplies Equipment Credit Debit Credit Beginning Balance Ending Balance Land Building Credit Debit Credit Beginning Balance 0 Ending Balance Accounts Payable Deferred Revenue Credit Debit Credit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Notes Payable Common Stock Credit Debit Credit Beginning Balance Ending Balance Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Rent Revenue 0 Ending Balance 0 Salaries and Wages Expense Credit Debit Credit Beginning Balance Utilites Expense Debit Credit Beginning Balance Ending Balance Ending Balance 0
Step 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