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Stacey's Piano Rebuilding Company has been operating for one year. A 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. A the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: $ 6,400 Accounts payable 32.000 Uneamed revenue Cash Accounts recelvable Supplles Equipment Land Bullding $9,600 3.840 48,500 1,600 11,560 7,000 1.500 Longtermncte payable 9,500 Commcn stock 7400 Retolned earnings 25,300 Additional pald in capitel a. Rebuilt and delivered five pianos in January to customers who paid S19.000 in cash. b. Received a $600 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $850 far rent in January d. Received S7,200 from customers as payment on their accounts e. Received an electric and gas utility bill for $400 to be paid in February f Ordered $960 in supplies. g. Pald $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock i. Paid $16.500 in wages to employees who worked in January J Declared and pald a $2,200 dividend reduce Retained Earnings and Cash) k. Received and paid cash for the supplies in alue 10.00 polnts Required 1 & 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference
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