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The following information applies to the questions dispiayed below Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second
The following information applies to the questions dispiayed below 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: s 6.400 Accounts payable 32,000 Unearned revenue Cash Accounts receivable Supplies Equipment Land Building S 9,500 3.840 48.500 1600 11.560 7,000 1,500 Long-term note payable 9500 Common stack 7400 Retained earmings 25.300 Additional paid-in capital a. Rebuilt and delivered five planos in January to customers who paid $19,000 In cash. b. Recelved a $600 deposit from a customer who wanted her plano rebuilt C. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Recelved S7,200 from customers as payment on their accounts. e. Recelved an electric and gas utillty bill for $400 to be pald In February. f. Ordered $960 In supplies. g. Paid $2,300 on account in January. h. Recelved from the home of Stacey Eddy, the major shareholder, a S920 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 paid a $2,200 dividend (reduce Retained Eamings and Cash). k. Received and paid cash for the supplies in
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