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Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income states balances and its balance sheet
Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income states balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building Required: $ 6,500 Accounts Payable 26,500 Deferred Revenue (deposits) $8,500 1,350 1,350 Notes Payable 44,000 8,500 Contributed Capital 6,500 Retained Earnings ,500 24,500 2. Prepare journal entries for the following January 2017 transactions, using the letter of each transaction as a required for a transection/event, select "No Journel Entry Required" in the first account field) a. Received a $550 deposit from a customer who wanted her piano rebuilt in February b. Rented a part of the building to a bicycle repair shop: $325 rent received for January c. Delivered five rebuilt pianos to customers who paid $15,500 in cash d Delivered two rebuilt planos to customers for $7,500 charged on account e Received $6,500 from customers as payment on their accounts Received a utility bill for $400 for January services to be paid in February g Ordered $900 in supplies h. Paid $1,850 to suppliers on account in January Paid $12.500 in wages to employees in January for work done this month < Prev 4 of 5 Next >>
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