A 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: $ 7,000 Accounts Payable 38.250 Unearned Revenue (deposits) 1,600 Notes Payable 15,800 Common Stock 9,250 Retalned Earnings 27,700 Cash $ 9,550 Accounts Receivable Supplies Equipment 3,400 64,000 14,500 Land 8,150 Building Following are the January 2019 transactions. Write the journal entry. a. Received a $670 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $740 rent received for January. c. Delivered five rebuilt pianos to customers who paid $21,575 in cash. d. Delivered two rebuilt pianos to customers for $10,000 charged on account. e. Received $7,600 from customers as payment on their accounts. f. Received an electric and gas utility bill for $380 for January services to be paid in February. g. Ordered $980 in supplies. h. Paid $2,800 on account in January. i. Paid $18,400 in wages to employees in January for work done this month. i. Received and paid cash for the supplies in (g).

A 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: $ 7,000 Accounts Payable 38.250 Unearned Revenue (deposits) 1,600 Notes Payable 15,800 Common Stock 9,250 Retalned Earnings 27,700 Cash $ 9,550 Accounts Receivable Supplies Equipment 3,400 64,000 14,500 Land 8,150 Building Following are the January 2019 transactions. Write the journal entry. a. Received a $670 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $740 rent received for January. c. Delivered five rebuilt pianos to customers who paid $21,575 in cash. d. Delivered two rebuilt pianos to customers for $10,000 charged on account. e. Received $7,600 from customers as payment on their accounts. f. Received an electric and gas utility bill for $380 for January services to be paid in February. g. Ordered $980 in supplies. h. Paid $2,800 on account in January. i. Paid $18,400 in wages to employees in January for work done this month. i. Received and paid cash for the supplies in (g).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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