Question
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
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 $ 7,400 Accounts Payable $ 9,400 Accounts Receivable 29,200 Deferred Revenue (deposits) 3,620 Supplies 1,620 Notes Payable 51,200 Equipment 9,400 Contributed Capital 9,400 Land 7,400 Retained Earnings 10,400 Building 29,000 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.) Received a $640 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle repair shop; $370 rent received for January. Delivered five rebuilt pianos to customers who paid $17,300 in cash. Delivered two r
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