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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: Cath $7,100 Accounts payable $9,500 Accounts receivable 31,000 Unearned revenue 3,140 Supplies 1,490 Long-term note payable 47,400 Equipment 9,700 Common stock 1,520 Land 7,700 Additional paid-in capital 6,080 Building 26,600 Retained earnings 15,950 a. Rebuilt and delivered five planos in January to customers who paid $19,000 in cash. b. Received a $560 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 $7,600 from customers as payment on their accounts. e Received an electric and gas utility bill for $430 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 $1,000 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock 1. 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 (1) 1. Paid $320 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 Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference: Cash Debit Beginning Balance (a) (b) (c) (d) 3206 Debit Beginning Balance Ending Balance Accounts Receivable Credit Debit Credit Beginning Balance Ending Balance Supplies Equipment Credit Debit Credit Beginning Balance Debit Beginning Balance Land Ending Balance Debit Begrning Balance Ending Balance Accounts Payable Long term Note Payable Debit Beginning Balance Ending Balance Ending Balance Building Credit Debit Credit Beginning Balance Ending Balance Unearned Revenue Credit Debit Credit Beginning Balance Ending Balance Common Stock Credit Debit Credit Beginning Balance Ending Balance Additional Paid in Capital Retained Earings Debit Credit Debil Credit Beginning Balance Beginning Balance Ending Balance Additional Paid-in Capital Debit Beginning Balance Credit Ending Balance Retained Earnings Debit Credit Beginning Balance Ending Balance Ending Balance Rebuilding Fees Revenue Rent Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Wages Expense Utilities Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Interest Expense Debit Credit Beginning Balance Ending Balance Ending Balance Hog 1 and 2 Reg 3> a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $560 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 $7,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $430 to be paid in February 1. Ordered $910 in supplies. g. Paid $1,740 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $1,000 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. 1. 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) 1. Paid $320 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: Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 31 Using the data from the T-accounts, amounts for the following at the end of January of the second year, were: Revenues Assets Expenses Liabilities Net income Stockholder's equity
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