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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

! 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

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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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
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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