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Ricky's Plano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts
Ricky's Plano 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: ebook Pent eferences Cash Accounts Receivable Supplies Equipment Land Building Required: $6,700 Accounts Payable $ 8,700 27,100 Deferred Revenue (deposits) 3,410 1,410 Notes Payable 45,600 8,700 Contributed Capital 8,700 6,700 Retained Earnings 25,500 9,700 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.) a. Received a $570 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop: $335 rent received for January. c. Delivered five rebuilt planos to customers who paid $15,900 in cash. d. Delivered two rebuilt planos to customers for $7.700 charged on account. e. Received $6,700 from customers as payment on their accounts. f. Received a utility bill for $420 for January services to be paid in February g. Ordered $940 in supplies. h. Paid $1,910 to suppliers on account in January. 1. Paid $13,500 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (g).
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