Question: page 1 and 2 make it fast please Below are the questions you should answer and upload in the Test 1 Drop box Beethoven's Piano

page 1 and 2 make it fast please
page 1 and 2 make it fast please Below are the questions
you should answer and upload in the Test 1 Drop box Beethoven's

Below are the questions you should answer and upload in the Test 1 Drop box Beethoven'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: Requirement 1: 15mks Prepare journal entries for the following January transactions, using the letter of each transaction as a reference: (If no entry is required for a transaction/event, write "No journal entry required".) a) Received a $680 deposit from a customer who wanted her piano rebuilt in February. b) Rented a part of the building to a bicycle repair shop; $390 rent received for January. c) Delivered five rebuilt pianos to customers who paid $18,100 in cash. d) Delivered two rebuilt pianos to customers for $8,800 charged on account. e) Received $7,800 from customers as payment on their accounts. f) Received a utility bill for $530 for January services to be paid in February. g) Ordered $1,160 in supplies. h) Paid $2,240 to suppliers on account in January. i) Paid $19,000 in wages to employees in January for work done this month. j) Received and paid cash for the supplies in (g). Requirement 2: 12.5mks Post the journal entries to the T-accounts and show the ending balances in the T-accounts. Requirement 3: 12.5mks Use the balances in the completed T-accounts to prepare a trial balance at the end of January. Requirement 4: 10mks Prepare an income statement for the month ended January 31, 2023

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!