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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: a. Rebuilt and delivered five pianos in January to customers who paid $18 , 800 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 $840 for rent in January. d. Received $7 , 300 from customers as payment on their accounts. e. Received an electric and gas utility bill for $460 to be paid in February. f. Ordered $890 in supplies. g. Paid $1 , 940 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. i. Paid $14 , 800 in wages to employees who worked in January. j. Declared and paid a $2 , 100 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid $340 in interest expense on the long-term note payable. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Rebuilding Fees Revenue } \\ \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{|c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \hline \end{tabular} Using the data from the T-accounts, amounts for the following at the end of January of the second year, were
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