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Stacey's Piano Rebulding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and

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Stacey's Piano Rebulding 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 planos in January to customers who paid $18,900 in cash. b. Recelved a $590 deposit from a customer who wanted her piano rebuit. c. Rented a part of the buliding to a bicycle repair shop; received $900 for rent in January. d. Received $7.600 from customers as payment on their accounts. e. Recelved an electric and gas utility bill for $450 to be paid in February. t. Ordered $880 in supplies. g. Paid $1,840 on account in January. h. Recelved from the home of Stacey Eddy, the major shar tholdet, a $1,000 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. i. Paid $14,100 in wages to employees who worked in January. j. Dectared and paid a $2,600 dividend (veduce Retained Earnings and Cash). k. Recelved and paid cash for the supplies in (f) it Paid $320 in interest expense on the long-term note payable. \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ Income Statement (unadjusted) } \\ \hline \multicolumn{2}{|c|}{ For the Month Ended January 31, Year 2} \\ \hline Operating revenues: & \\ \hline Rebuilding fees revenue & 18,900 \\ \hline & \\ \hline Total operating revenues & 18,900 \\ \hline Operating expenses: & \\ \hline Wages expense & 14,100 \\ \hline Utilities expense & 450 \\ \hline & \\ \hline & \\ \hline Total operating expenses & 14,550 \\ \hline Operating income & 4,350 \\ \hline Other items: & \\ \hline Rent revenue & \\ \hline & \\ \hline \end{tabular} Stacey's Piano Rebulding 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 planos in January to customers who paid $18,900 in cash. b. Recelved a $590 deposit from a customer who wanted her piano rebuit. c. Rented a part of the buliding to a bicycle repair shop; received $900 for rent in January. d. Received $7.600 from customers as payment on their accounts. e. Recelved an electric and gas utility bill for $450 to be paid in February. t. Ordered $880 in supplies. g. Paid $1,840 on account in January. h. Recelved from the home of Stacey Eddy, the major shar tholdet, a $1,000 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. i. Paid $14,100 in wages to employees who worked in January. j. Dectared and paid a $2,600 dividend (veduce Retained Earnings and Cash). k. Recelved and paid cash for the supplies in (f) it Paid $320 in interest expense on the long-term note payable. \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ Income Statement (unadjusted) } \\ \hline \multicolumn{2}{|c|}{ For the Month Ended January 31, Year 2} \\ \hline Operating revenues: & \\ \hline Rebuilding fees revenue & 18,900 \\ \hline & \\ \hline Total operating revenues & 18,900 \\ \hline Operating expenses: & \\ \hline Wages expense & 14,100 \\ \hline Utilities expense & 450 \\ \hline & \\ \hline & \\ \hline Total operating expenses & 14,550 \\ \hline Operating income & 4,350 \\ \hline Other items: & \\ \hline Rent revenue & \\ \hline & \\ \hline \end{tabular}

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