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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: Required: 2. Prepare journal entries for the following January transactions, using the letter of each transaction as a reference: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Received a $640 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $370 rent received for January. c. Delivered five rebuilt pianos to customers who paid $17,300 in cash. d. Delivered two rebuilt pianos to customers for $8,400 charged on account. e. Received $7,400 from customers as payment on their accounts. f. Received a utility bill for $490 for January services to be paid in February. g. Ordered $1,080 in supplies. h. Paid $2,120 to suppliers on account in January. i. Paid $17,000 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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