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Stacey's Piano Rebuilding Company has been operating for one year. At the start of the secondyear, its income statement accounts had zero balances and its
Stacey's Piano Rebuilding Company has been operating for one year. At the start of the secondyear, its income statement accounts had zero balances and its balance sheet account balances were as follows: a. Rebuit and delivered five pianos in January to customers who paid $19.300 in cash. b. Recelved a $550 deposit from a customer who wanted her plano rebulit c. Rented a part of the building to a bicycle repair shop; received $880 for rent in January. d. Received $7,600 from customers as payment on their accounts. e. Recelved an electric and gas utility bill for $430 to be paid in February. f. Ordered $920 in supplies. g. Paid $1,140 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 130 shares of \$1 par value stock. 1. Paid $14,400 in wages to employees who worked in January. J. Deciared and paid a $2.300 dividend (reduce Retained Earnings and Cash). k. Recelved and paid cash for the supplies in ( ). 1. Paid $310 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: Beginning Balance (e) Ending Balance Req 3 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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