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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: Cash Accounts Receivable Supplies Equipment Land Building Required: $ 6,500 Accounts Payable $ 8,500 26,500 Deferred Revenue (deposits) 3,350 1,350 Notes Payable 8,500 Contributed Capital 44,000 6,500 Retained Earnings 24,500 1,500 9,500 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 $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. 1. 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. L. Paid $12.500 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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