Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts receivable Supplies Equipment Land Building $ 6,600 30,400 1,490 10,000 Accounts payable Unearned revenue Long-term note payable Common stock 8,000 Additional paid-in capital 26,700 Retained earnings $8,700 3,540 47,300 1,620 6,480 15,550 a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $580 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $820 for rent in January. d. Received $7,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $490 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,740 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $910 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f).
Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts receivable Supplies Equipment Land Building $ 6,600 30,400 1,490 10,000 Accounts payable Unearned revenue Long-term note payable Common stock 8,000 Additional paid-in capital 26,700 Retained earnings $8,700 3,540 47,300 1,620 6,480 15,550 a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $580 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $820 for rent in January. d. Received $7,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $490 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,740 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $910 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f).
Chapter6: Business Expenses
Section: Chapter Questions
Problem 43P
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Transcribed Image Text:Beg. Bal.
End. Bal.
Beg. Bal.
End. Bal.
Beg. Bal.
End. Bal.
Beg. Bal.
End. Bal.
Beg. Bal.
Beg. Bal.
End. Bal.
Land
Accounts Payable
Long-term Note Payable
0
Additional Paid-in Capital
Wages Expense
0
0
Rebuilding Fees Revenue
0
n
Beg. Bal.
End. Bal.
Beg. Bal.
End. Bal.
Beg. Bal.
End. Bal.
Beg. Bal.
End. Bal.
Beg. Bal.
Beg. Bal.
End. Bal.
Building
Unearned Revenue
Common Stock
Retained Earnings
Rent Revenue
Utilities Expense
0
0
0
Transcribed Image Text:Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement
accounts had zero balances and its balance sheet account balances were as follows:
Cash
Accounts receivable
Supplies
Equipment
Land
Building
Beg. Bal.
End. Bal.
Beg. Bal.
a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash.
b. Received a $580 deposit from a customer who wanted her piano rebuilt.
c. Rented a part of the building to a bicycle repair shop; received $820 for rent in January.
d. Received $7,600 from customers as payment on their accounts.
e. Received an electric and gas utility bill for $490 to be paid in February.
f. Ordered $910 in supplies.
End. Bal.
g. Paid $1,740 on account in January.
h. Received from the home of Stacey Eddy, the major shareholder, a $910 tool (equipment) to use in the business in
exchange for 140 shares of $1 par value stock.
Cash
$ 6,600
30,400
i. Paid $14,900 in wages to employees who worked in January.
j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash).
k. Received and paid cash for the supplies in (f).
0
1,490
10,000
Supplies
Accounts payable
Unearned revenue
0
Long-term note payable
Common stock
8,000 Additional paid-in capital
26,700 Retained earnings
Beg. Bal.
$8,700
3,540
47,300
1,620
6,480
15,550
End. Bal.
Beg. Bal.
End. Bal.
Accounts Receivable
Equipment
0
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