Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start...

  

 

 

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Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Buildings $ 6,000 25,000 Accounts Payable 1,200 Deferred Revenue (deposits) Notes Payable (long-term) 8,000 6,000 22,000 Common Stock Retained Earnings $ 8,000 3,200 40,000 Following are the January transactions: a. Received a $500 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $300 rent received for January. c. Delivered five rebuilt pianos to customers who paid $14,500 in cash. d. Delivered two rebuilt pianos to customers for $7,000 charged on account. e. Received $6,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $350 for January services to be paid in February. g. Ordered $800 in supplies. h. Paid $1,700 on account in January. i. Paid $10,000 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). 8,000 9,000 4. Prepare an unadjusted trial balance at January 31. RICKY'S PIANO REBUILDING COMPANY Unadjusted Trial Balance Account Name Debit Credit Total $ 0 $ 0 Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Buildings $ 6,000 25,000 Accounts Payable 1,200 Deferred Revenue (deposits) Notes Payable (long-term) 8,000 6,000 22,000 Common Stock Retained Earnings $ 8,000 3,200 40,000 Following are the January transactions: a. Received a $500 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $300 rent received for January. c. Delivered five rebuilt pianos to customers who paid $14,500 in cash. d. Delivered two rebuilt pianos to customers for $7,000 charged on account. e. Received $6,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $350 for January services to be paid in February. g. Ordered $800 in supplies. h. Paid $1,700 on account in January. i. Paid $10,000 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). 8,000 9,000 4. Prepare an unadjusted trial balance at January 31. RICKY'S PIANO REBUILDING COMPANY Unadjusted Trial Balance Account Name Debit Credit Total $ 0 $ 0