Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ricky's Plano Rebulding Company has been operating for one year On January 1, at the start of its second year, its Income statement accounts had

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Ricky's Plano Rebulding 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 lts balance sheet account balances were as follows: 12,750 Cash Accounts Recevable Supplies Equlpment Land Building $5,900 Accounts Payable 17.250 Unearned Revenue4150 2,600 Notes Payable 13,100 Common Stock 9.350 Retained Earnings (deposits) 42,500 13,000 5,800 30,000 Following are the January 2013 transactions: a. Recelved a $705 deposit from a customer who wanted her piano rebult In February b. Rented a part of the building to a bicycle repair shop: $640 rent recerved for January C. Delivered five rebuilt pianos to customers who paid $17525 In cash. d. Delivered two rebult planos to customers for $9,200 charged on account. e. Recelved $6.800 from customers as payment on their accounts r Recelved an electric and gas utility bill for $475 for January services to be pald In February g. Ordered $1,025 In supplies h. Pald $3.200 on account in January 1. Paid $11.900 in wages to employees in January for work done this month. J. Received and pald cash for the supplies in (g

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

22nd Edition

126059808X, 978-1260598087

More Books

Students also viewed these Accounting questions

Question

Describe the five types of documentation navigation controls.

Answered: 1 week ago