Rickys Piano Rebuilding Company has been operating for one year. On January 1, at the start of
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Question:
Rickys 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 $ 6,400 Accounts Payable $ 10,750
Accounts Receivable 21,500 Unearned Revenue (deposits) 4,650
Supplies 2,850 Notes Payable 41,000
Equipment 17,200 Common Stock 12,000
Land 9,300 Retained Earnings 13,250
Building 24,400
Following are the January 2013 transactions:
a. Received a $565 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $410 rent received for January.
c. Delivered five rebuilt pianos to customers who paid $22,525 in cash.
d. Delivered two rebuilt pianos to customers for $10,800 charged on account.
e. Received $8,600 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $495 for January services to be paid in February.
g. Ordered $1,040 in supplies.
h. Paid $3,600 on account in January.
i. Paid $13,400 in wages to employees in January for work done this month.
j. Received and paid cash for the supplies in (g).
3.value:
1.00 pointsRequired information
2.
Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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4.value:
1.00 pointsRequired information
3.
Post the journal entries to the T-accounts. Show the unadjusted beginning and ending balances in the T-accounts.
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Hint #1
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5.value:
1.00 pointsRequired information
Required:
Prepare an unadjusted trial balance at the end of January.
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