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Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and
Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: a. Rebuilt and delivered five pianos in January to customers who paid $18,400 in cash. b. Received a $540 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $830 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $470 to be paid in February. f. Ordered $930 in supplies. g. Paid $1,140 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $970 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. i. Paid $14,600 in wages to employees who worked in January. j. Declared and paid a $1,900 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid \$310 in interest expense on the long-term note payable. Required: 1 and 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference: 3. Using the data from the T-accounts, amounts for the following at the end of January of the second year, were
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