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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
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: Following are the January transactions: a. Received a $665 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $685 rent received for January. c. Delivered five rebuilt pianos to customers who paid $18,675 in cash. d. Delivered two rebuilt pianos to customers for $9,600 charged on account. e. Received $8,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $395 for January services to be paid in February. g. Ordered $1,255 in supplies. h. Paid $2,600 on account in January. i. Paid $12,200 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. Service Revenue \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Debit } & Credit \\ \hline Beginning Balance & & \\ \hline & & 0 \\ \hline Ending Balance & & \\ \hline \end{tabular} Utilites Expense \begin{tabular}{|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Debit } & \multicolumn{2}{c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline Ending Balance & 0 & & \\ \hline \end{tabular}
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