Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 Buildings $ 7,850 Accounts Payable 15,000 Deferred Revenue (deposite) 2,100 Notes Payable (long-term) 9,500 Common Stock 8,400 Retained Earnings 29,400 $ 10,300 4,400 41,500 10,000 5,050 Following are the January transactions: a. Received a $690 deposit from a customer who wanted her plano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $350 rent received for January c. Delivered five rebuilt pianos to customers who paid $15,050 in cash. d. Delivered two rebuilt pianos to customers for $7,700 charged on account. e. Received $6,350 from customers as payment on their accounts. f Received an electric and gas utility bill for $765 for January services to be paid in February. g. Ordered $900 in supplies. h. Paid $2,450 on account in January. LPaid $10,900 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (a) Required Record journal entries Prepare general ledgers Prepare Trial balance Prepare Income statement Prepare Statement of retained earnings Prepare Balance sheet
Step by Step Solution
★★★★★
3.42 Rating (155 Votes )
There are 3 Steps involved in it
Step: 1
1 Journal entries Transaction Account Debit Credit a Cash 690 Deferred Revenue 690 b Cash 350 Rent R...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started