Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statemer 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 statemer accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 6,800 Accounts Payable 27,400 $ 8,800 Deferred Revenue (deposits). 3,440 1,440 Notes Payable 46,400 8,800 Contributed Capital 6,800 26,000 Retained Earnings 8,800 9,800 1. & 3. Post the journal entries to the T-accounts which are listed below. Show the unadjusted ending balances in the T-accounts. Beg. bal. End. bal Cash Accounts Receivable Beg. bal. End. bal Supplies Beg. bal. Equipment Beg. bal. End. bal. End. bal. Land Building Beg. bal. Beg. bal. End. ball End. bal. Accounts Payable Deferred Revenue Beg. bal. Beg. ball 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.) End. ball End. bal. a. Received a $580 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 $16,100 in cash. d. Delivered two rebuilt pianos to customers for $7,800 charged on account. e. Received $6,800 from customers as payment on their accounts. f. Received a utility bill for $430 for January services to be paid in February. g. Ordered $960 in supplies. h. Paid $1,940 to suppliers on account in January. i. Paid $14,000 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). Notes Payable Contributed Capital Beg. bal Beg. bal. Use the balances in the completed T-accounts to prepare an unadjusted trial balance at the end of January. RICKY'S PIANO REBUILDING COMPANY Accounts Titles Unadjusted Trial Balance At January 31 Cash Accounts receivable Supplies Equipment Building Accounts payable Deferred revenue Notes payable Contributed capital Retained earnings Piano rebuilding revenue Rent revenue Wages expense Utilities expense End. bal End. bal Retained Earnings Piano Rebuilding Revenue Beg. bal. Beg. bal. Total End. bal. End. bal. Rent Revenue Wages Expense Beg. bal. Beg. ball End. bal. End. bal. Utilities Expense Beg. bal. End. bal Debit. Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Working Papers Tools For Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

4th Edition

0470128887, 978-0470128886

More Books

Students also viewed these Accounting questions

Question

5. To determine the financial benefits and costs of the program.

Answered: 1 week ago