! Required information [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 $ 8,700 Accounts Payable $ 9,300 Accounts 35,750 Receivable Deferred Revenue (deposits) 4,250 Supplies 2,650 term) Notes Payable (long- 46,000 Equipment 8,400 Common Stock 8,500 Land 6,250 Retained Earnings 19,600 Buildings 25,900 Following are the January transactions: a. Received a $975 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $475 rent received for January. c. Delivered five rebuilt pianos to customers who paid $20,300 in cash. d. Delivered two rebuilt pianos to customers for $10,200 charged on account. e. Received $7,350 from customers as payment on their accounts. f. Received an electric and gas utility bill for $580 for January services to be paid in February. g. Ordered $1,225 in supplies. h. Paid $1,850 on account in January. i. Paid $12,100 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). 4. Prepare an unadjusted trial balance at January 31. RICKY'S PIANO REBUILDING COMPANY Unadjusted Trial Balance Account Name Debit Credit Cash $ 19,600 Accounts Receivable 38,600 Supplies 2,650 Equipment 8,400 Land Buildings Accounts Payable 6,250 25,900 9,300 Deferred Revenue Notes Payable (long-term) Common Stock 4,250 46,000 8,500 Retained Earnings 19,600 Sales Revenue 30,500 Rent Expense 475 Salaries and Wages 12,100 Expense Utilities Expense Supplies Expense Total 580 1,225 $ $ 115,780 118,150
! Required information [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 $ 8,700 Accounts Payable $ 9,300 Accounts 35,750 Receivable Deferred Revenue (deposits) 4,250 Supplies 2,650 term) Notes Payable (long- 46,000 Equipment 8,400 Common Stock 8,500 Land 6,250 Retained Earnings 19,600 Buildings 25,900 Following are the January transactions: a. Received a $975 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $475 rent received for January. c. Delivered five rebuilt pianos to customers who paid $20,300 in cash. d. Delivered two rebuilt pianos to customers for $10,200 charged on account. e. Received $7,350 from customers as payment on their accounts. f. Received an electric and gas utility bill for $580 for January services to be paid in February. g. Ordered $1,225 in supplies. h. Paid $1,850 on account in January. i. Paid $12,100 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). 4. Prepare an unadjusted trial balance at January 31. RICKY'S PIANO REBUILDING COMPANY Unadjusted Trial Balance Account Name Debit Credit Cash $ 19,600 Accounts Receivable 38,600 Supplies 2,650 Equipment 8,400 Land Buildings Accounts Payable 6,250 25,900 9,300 Deferred Revenue Notes Payable (long-term) Common Stock 4,250 46,000 8,500 Retained Earnings 19,600 Sales Revenue 30,500 Rent Expense 475 Salaries and Wages 12,100 Expense Utilities Expense Supplies Expense Total 580 1,225 $ $ 115,780 118,150
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[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
$ 8,700 Accounts Payable
$ 9,300
Accounts
35,750
Receivable
Deferred Revenue
(deposits)
4,250
Supplies
2,650 term)
Notes Payable (long-
46,000
Equipment
8,400 Common Stock
8,500
Land
6,250 Retained Earnings
19,600
Buildings
25,900
Following are the January transactions:
a. Received a $975 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $475 rent received for January.
c. Delivered five rebuilt pianos to customers who paid $20,300 in cash.
d. Delivered two rebuilt pianos to customers for $10,200 charged on account.
e. Received $7,350 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $580 for January services to be paid in February.
g. Ordered $1,225 in supplies.
h. Paid $1,850 on account in January.
i. Paid $12,100 in wages to employees in January for work done this month.
j. Received and paid cash for the supplies in (g).
4. Prepare an unadjusted trial balance at January 31.
RICKY'S PIANO REBUILDING COMPANY
Unadjusted Trial Balance
Account Name
Debit
Credit
Cash
$ 19,600
Accounts Receivable
38,600
Supplies
2,650
Equipment
8,400
Land
Buildings
Accounts Payable
6,250
25,900
9,300
Deferred Revenue
Notes Payable (long-term)
Common Stock
4,250
46,000
8,500
Retained Earnings
19,600
Sales Revenue
30,500
Rent Expense
475
Salaries and Wages
12,100
Expense
Utilities Expense
Supplies Expense
Total
580
1,225
$
$ 115,780
118,150](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e816c5f-0268-4295-8e60-2933a1586e22%2F6b10a5fd-df5f-4162-bdfb-14c79e0861f2%2F0q7vux8_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[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
$ 8,700 Accounts Payable
$ 9,300
Accounts
35,750
Receivable
Deferred Revenue
(deposits)
4,250
Supplies
2,650 term)
Notes Payable (long-
46,000
Equipment
8,400 Common Stock
8,500
Land
6,250 Retained Earnings
19,600
Buildings
25,900
Following are the January transactions:
a. Received a $975 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $475 rent received for January.
c. Delivered five rebuilt pianos to customers who paid $20,300 in cash.
d. Delivered two rebuilt pianos to customers for $10,200 charged on account.
e. Received $7,350 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $580 for January services to be paid in February.
g. Ordered $1,225 in supplies.
h. Paid $1,850 on account in January.
i. Paid $12,100 in wages to employees in January for work done this month.
j. Received and paid cash for the supplies in (g).
4. Prepare an unadjusted trial balance at January 31.
RICKY'S PIANO REBUILDING COMPANY
Unadjusted Trial Balance
Account Name
Debit
Credit
Cash
$ 19,600
Accounts Receivable
38,600
Supplies
2,650
Equipment
8,400
Land
Buildings
Accounts Payable
6,250
25,900
9,300
Deferred Revenue
Notes Payable (long-term)
Common Stock
4,250
46,000
8,500
Retained Earnings
19,600
Sales Revenue
30,500
Rent Expense
475
Salaries and Wages
12,100
Expense
Utilities Expense
Supplies Expense
Total
580
1,225
$
$ 115,780
118,150
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