QUESTION 4: STACEY'S PIANO REBUILDING COMPANY Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year (January 1 2021), its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $6,400 Accounts payable $9,600 Accounts receivable Supplies Equipment, Net 57,100 Land 11,560 Required: 32,000 1,500 9,500 32,700 Unearned revenue Common stock Retained earnings A. Prepare the journal entries for the following transactions in January 2021. i. Declared and paid a $2,200 dividend. j. Received and paid cash for the supplies in (f). 3,840 a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. & Paid $2,300 on account in January. h. Paid $16,500 in wages to employees who worked in January.

QUESTION 4: STACEY'S PIANO REBUILDING COMPANY Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year (January 1 2021), its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $6,400 Accounts payable $9,600 Accounts receivable Supplies Equipment, Net 57,100 Land 11,560 Required: 32,000 1,500 9,500 32,700 Unearned revenue Common stock Retained earnings A. Prepare the journal entries for the following transactions in January 2021. i. Declared and paid a $2,200 dividend. j. Received and paid cash for the supplies in (f). 3,840 a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. & Paid $2,300 on account in January. h. Paid $16,500 in wages to employees who worked in January.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1DC: Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the...

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