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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,
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 Buildings $ 6,650 Accounts Payable 47, 500 Deferred Revenue (deposits) 1,550 Notes Payable (long-term) 11, 700 Common Stock 8,350 Retained Earnings 26, 200 Following are the January transactions: $ 10,450 3,800 63,500 11, 500 12,700 a. Received a $630 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop: $675 rent received for January. c. Delivered five rebuilt pianos to customers who paid $20,200 in cash. d. Delivered two rebuilt pianos to customers for $9,300 charged on account. e. Received $7,800 from customers as payment on their accounts. f. Received an electric and gas utility bill for $420 for January services to be paid in February. g. Ordered $960 in supplies. h. Paid $1,800 on account in January. 1. Paid $17,800 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g)
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