E3-13 (Algo) Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial Balance and Preliminary Financial Statements [LO 3-2, 3-3, LO 3-4] [The following information applies to the questions displayed below.] 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 $ 8,150 Accounts Payable Deferred Revenue (deposits) 22,250 3,000 8,700 Common Stock 8,850 Retained Earnings 29,900 Notes Payable (long- term) E3-13 (Algo) Part 2 $ 12, 200 4,050 45,000 14,000 5,600 Following are the January transactions: a. Received a $665 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $685 rent received for January. c. Delivered five rebuilt pianos to customers who paid $18,675 in cash. d. Delivered two rebuilt pianos to customers for $9,600 charged on account. e. Received $8,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $395 for January services to be paid in February. g. Ordered $1,255 in supplies. h. Paid $2,600 on account in January. i. Paid $12,200 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). Required: 2. Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
E3-13 (Algo) Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial Balance and Preliminary Financial Statements [LO 3-2, 3-3, LO 3-4] [The following information applies to the questions displayed below.] 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 $ 8,150 Accounts Payable Deferred Revenue (deposits) 22,250 3,000 8,700 Common Stock 8,850 Retained Earnings 29,900 Notes Payable (long- term) E3-13 (Algo) Part 2 $ 12, 200 4,050 45,000 14,000 5,600 Following are the January transactions: a. Received a $665 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $685 rent received for January. c. Delivered five rebuilt pianos to customers who paid $18,675 in cash. d. Delivered two rebuilt pianos to customers for $9,600 charged on account. e. Received $8,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $395 for January services to be paid in February. g. Ordered $1,255 in supplies. h. Paid $2,600 on account in January. i. Paid $12,200 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). Required: 2. Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![E3-13 (Algo) Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial
Balance and Preliminary Financial Statements [LO 3-2, 3-3, LO 3-4]
[The following information applies to the questions displayed below.]
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
E3-13 (Algo) Part 2
$ 8,150 Accounts Payable
22,250
Deferred Revenue
(deposits)
View transaction list
3,000 term)
Following are the January transactions:
a. Received a $665 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $685 rent received for January.
c. Delivered five rebuilt pianos to customers who paid $18,675 in cash.
Notes Payable (long-
8,700 Common Stock
8,850 Retained Earnings
29,900
d. Delivered two rebuilt pianos to customers for $9,600 charged on account.
e. Received $8,000 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $395 for January services to be paid in February.
g. Ordered $1,255 in supplies.
h. Paid $2,600 on account in January.
1 2 3
i. Paid $12,200 in wages to employees in January for work done this month.
j. Received and paid cash for the supplies in (g).
Journal entry worksheet
Required:
2. Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account field.)
Transaction
a
4
$
12, 200
4,050
5 6
45,000
14,000
5,600
Received a $665 deposit from a customer who wanted
her piano rebuilt in February. Record the transaction.
Note: Enter debits before credits.
General Journal
7 8 9 10
Debit Credit
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Transcribed Image Text:E3-13 (Algo) Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial
Balance and Preliminary Financial Statements [LO 3-2, 3-3, LO 3-4]
[The following information applies to the questions displayed below.]
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
E3-13 (Algo) Part 2
$ 8,150 Accounts Payable
22,250
Deferred Revenue
(deposits)
View transaction list
3,000 term)
Following are the January transactions:
a. Received a $665 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $685 rent received for January.
c. Delivered five rebuilt pianos to customers who paid $18,675 in cash.
Notes Payable (long-
8,700 Common Stock
8,850 Retained Earnings
29,900
d. Delivered two rebuilt pianos to customers for $9,600 charged on account.
e. Received $8,000 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $395 for January services to be paid in February.
g. Ordered $1,255 in supplies.
h. Paid $2,600 on account in January.
1 2 3
i. Paid $12,200 in wages to employees in January for work done this month.
j. Received and paid cash for the supplies in (g).
Journal entry worksheet
Required:
2. Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account field.)
Transaction
a
4
$
12, 200
4,050
5 6
45,000
14,000
5,600
Received a $665 deposit from a customer who wanted
her piano rebuilt in February. Record the transaction.
Note: Enter debits before credits.
General Journal
7 8 9 10
Debit Credit
>
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