Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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: Cash $ 6,600 Accounts payable $ 8,700 Accounts receivable 30,400 Unearned revenue 3,540 Supplies 1,490 Long-term note payable 47,300 Equipment 10,000 Common stock 1,620 Land Building 8,000 26,700 Additional paid-in capital Retained earnings 6,480 15,550 a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $580 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $820 for rent in January. d. Received $7,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $490 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,740 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $910 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). Cash Beg. Bal. End. Bal. 0 Beg. Bal. Beg. Bal. Accounts Receivable End. Bal. 0 Supplies Beg. Bal. Equipment End. Bal. 0 End. Bal. 0 Land Beg. Bal. Beg. Bal. Building End. Bal. 0 End. Bal. 0 Accounts Payable Unearned Revenue Beg. Bal. Beg. Bal. End. Bal. Beg. Bal. End. Bal. Long-term Note Payable 0 End. Bal. Common Stock Beg. Bal. 0 End. Bal. Additional Paid-in Capital Retained Earnings Beg. Bal. Beg. Bal. End. Bal. Beg. Bal. Rebuilding Fees Revenue 0 End. Bal. n Rent Revenue Beg. Bal. T-UP-| 0 0 0 Wages Expense Beg. Bal. Beg. Bal. Utilities Expense End. Bal. 0 End. Bal. 0

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

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

15th Edition

978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960

More Books

Students also viewed these Accounting questions