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 $ 7,000 Accounts Payable $ 9,550 Accounts Receivable 38,250 Deferred Revenue (deposits) 3,400 Supplies 1,600 Notes Payable (long-term) 64,000 Equipment 15,800 Common Stock 14,500 Land 9,250 Retained Earnings 8,150 Buildings 27,700 Following are the January transactions: Received a $670 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle repair shop; $740 rent received for January. Delivered five rebuilt pianos to customers who paid $21,575 in cash. Delivered two rebuilt pianos to customers for $10,000 charged on account. Received $7,600 from customers as payment on their accounts. Received an electric and gas utility bill for $380 for January services to be paid in February. Ordered $980 in supplies. Paid $2,800 on account in January. Paid $18,400 in wages to employees in January for work done this month. Received and paid cash for the supplies in (g). Prepare an unadjusted trial balance at January 31.
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 $ 7,000 Accounts Payable $ 9,550 Accounts Receivable 38,250 Deferred Revenue (deposits) 3,400 Supplies 1,600 Notes Payable (long-term) 64,000 Equipment 15,800 Common Stock 14,500 Land 9,250 Retained Earnings 8,150 Buildings 27,700 Following are the January transactions: Received a $670 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle repair shop; $740 rent received for January. Delivered five rebuilt pianos to customers who paid $21,575 in cash. Delivered two rebuilt pianos to customers for $10,000 charged on account. Received $7,600 from customers as payment on their accounts. Received an electric and gas utility bill for $380 for January services to be paid in February. Ordered $980 in supplies. Paid $2,800 on account in January. Paid $18,400 in wages to employees in January for work done this month. Received and paid cash for the supplies in (g). Prepare an unadjusted trial balance at January 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
| Cash | $ 7,000 | Accounts Payable | $ 9,550 |
|---|---|---|---|
| 38,250 | Deferred Revenue (deposits) | 3,400 | |
| Supplies | 1,600 | Notes Payable (long-term) | 64,000 |
| Equipment | 15,800 | Common Stock | 14,500 |
| Land | 9,250 | 8,150 | |
| Buildings | 27,700 |
Following are the January transactions:
- Received a $670 deposit from a customer who wanted her piano rebuilt in February.
- Rented a part of the building to a bicycle repair shop; $740 rent received for January.
- Delivered five rebuilt pianos to customers who paid $21,575 in cash.
- Delivered two rebuilt pianos to customers for $10,000 charged on account.
- Received $7,600 from customers as payment on their accounts.
- Received an electric and gas utility bill for $380 for January services to be paid in February.
- Ordered $980 in supplies.
- Paid $2,800 on account in January.
- Paid $18,400 in wages to employees in January for work done this month.
- Received and paid cash for the supplies in (g).
-
Prepare an unadjusted
trial balance at January 31.
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