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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, at
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 $ 7,800 Accounts Payable 38,750 Deferred Revenue (deposits) 1,450 Notes Payable (long-term) 9,100 Common Stock 9,550 Retained Earnings 28,600 $10,900 5,800 57,750 15,500 5,300 Following are the January transactions: a. Received a $755 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $340 rent received for January. c. Delivered five rebuilt pianos to customers who paid $20,900 in cash. d. Delivered two rebuilt pianos to customers for $10,400 charged on account. e. Received $8,400 from customers as payment on their accounts. f. Received an electric and gas utility bill for $835 for January services to be paid in February. g. Ordered $1,050 in supplies. h. Paid $2,000 on account in January. i. Paid $15,100 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). Answer is not complete. Cash Account Receivable Beg. Bal. 7,800 38,750 Beg. Bal. (d) (a) 755 > 10,400 8,400 (e) (b) OOOO 340 20,900 8,400 OOOOO 2,000(h) 15,100 (0) 1,050 (0) ololo OOO (C) (e) End. Bal. 20,045 End. Bal. 40,750 Supplies 1,450 Equipment 9,100 Beg. Bal. Beg. Bal (0) 1,050 End. Bal. 2,500 End. Bal. 9,100 Land Building 28,600 Beg. Bal. 9,550 Beg. Bal. End. Bal. 9,550 End. Bal. 28,600 Deferred Revenue Beg. Bal. Accounts Payable 10,900 2,000 835 Beg. Bal. 5,800 X (h) (1) 755 (a) End. Bal. 12,065 End. Bal. 5,045 Common Stock Notes Payable 57,750 Beg. Bal. Beg. Bal. 15,500 X End. Bal. 57,750 End. Bal. 15,500 Service Revenue Retained Earnings 5,300 Beg. Bal. Beg. Bal. 20,900 (c) 10,400 (d) End. Bal. 5,300 End. Bal. 31,300 Rent Revenue Salaries and Wages Expense Beg. Bal. Beg. Bal. (0) 340 (b) 15,100 End. Bal. 340 End. Bal. 15,100 Utilites Expense Beg. Bal. (f) 835 End. Bal. 835
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