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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 at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows:
Cash $ Accounts Payable $
Accounts Receivable Deferred Revenue deposits
Supplies Notes Payable
Equipment Contributed Capital
Land Retained Earnings
Building
Required:
Prepare journal entries for the following January transactions, using the letter of each transaction as a reference: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Received a $ deposit from a customer who wanted her piano rebuilt in February.
Rented a part of the building to a bicycle repair shop; $ rent received for January.
Delivered five rebuilt pianos to customers who paid $ in cash.
Delivered two rebuilt pianos to customers for $ charged on account.
Received $ from customers as payment on their accounts.
Received a utility bill for $ for January services to be paid in February.
Ordered $ in supplies.
Paid $ to suppliers on account in January.
Paid $ in wages to employees in January for work done this month.
Received and paid cash for the supplies in g
& Post the journal entries to the Taccounts which are listed below. Show the unadjusted ending balances in the Taccounts.
Use the balances in the completed Taccounts to prepare an unadjusted trial balance at the end of January.
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Rickys Piano Rebuilding Company Journal Entries and Trial Balance Journal Entries a Received Deposit for Piano Rebuild Debit Cash 670 Credit Deferred Revenue 670 b Rent Received for Building Debit Cas...Get Instant Access to Expert-Tailored Solutions
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