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 $ 7,000 Accounts payable Unearned revenue 31,000 1,450 Long-term note payable 10,400 Common stock 7,800 Additional paid-in capital 26,900 Retained earnings $ 8,600 2,840 47,100 1,620 6,480 17,910 a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $590 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $840 for rent in January. d. Received $7,700 from customers as payment on their accounts. e. Received an electric and gas utility bill for $510 to be paid in February. f. Ordered $900 in supplies. g. Paid $1,540 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $1,000 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. i. Paid $14,200 in wages to employees who worked in January. j. Declared and paid a $2,000 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). 1. Paid $320 in interest expense on the long-term note payable. Dabit Begiming Balanom Cach Ending Balanda Daciti Exginning Bamnoz Ending Estandin Dabit Beginning Balanci Ending Balanon Dabit Beginning Balance Accounts Receivable Credit Dobit Credit Supplier Equipment Gracit Land Building Dabit Crackt Espinning Balans Aozaunts Payabla Unsumed Revenue Dubit Beginning Balenc Ending Balanod cte Paysble Beginning Enlanc Ending Balance 口 Common Sock Additional Paid-In Capita Retained Earings Dabib Beginning Belance Beginning Bahne Ending Balance Ending Bat Face Rabulding Frac Revenue Rent Revenu Dabil Credit Debit Crecit Beginning Bar Boowong Ba Fro Ending Eblanan Ending Balance Wager Expence Utabar Expence Dabit Gracilit Debit Credit Bagirusing Barce eginning Ballinać Ending Estora Ending Balanc Interact Expan Dabit Baginning Bannon

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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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
$ 7,000 Accounts payable
Unearned revenue
31,000
1,450
Long-term note payable
10,400
Common stock
7,800
Additional paid-in capital
26,900
Retained earnings
$ 8,600
2,840
47,100
1,620
6,480
17,910
a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash.
b. Received a $590 deposit from a customer who wanted her piano rebuilt.
c. Rented a part of the building to a bicycle repair shop; received $840 for rent in January.
d. Received $7,700 from customers as payment on their accounts.
e. Received an electric and gas utility bill for $510 to be paid in February.
f. Ordered $900 in supplies.
g. Paid $1,540 on account in January.
h. Received from the home of Stacey Eddy, the major shareholder, a $1,000 tool (equipment) to use in the business in exchange for
110 shares of $1 par value stock.
i. Paid $14,200 in wages to employees who worked in January.
j. Declared and paid a $2,000 dividend (reduce Retained Earnings and Cash).
k. Received and paid cash for the supplies in (f).
1. Paid $320 in interest expense on the long-term note payable.
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 $ 7,000 Accounts payable Unearned revenue 31,000 1,450 Long-term note payable 10,400 Common stock 7,800 Additional paid-in capital 26,900 Retained earnings $ 8,600 2,840 47,100 1,620 6,480 17,910 a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $590 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $840 for rent in January. d. Received $7,700 from customers as payment on their accounts. e. Received an electric and gas utility bill for $510 to be paid in February. f. Ordered $900 in supplies. g. Paid $1,540 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $1,000 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. i. Paid $14,200 in wages to employees who worked in January. j. Declared and paid a $2,000 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). 1. Paid $320 in interest expense on the long-term note payable.
Dabit
Begiming Balanom
Cach
Ending Balanda
Daciti
Exginning Bamnoz
Ending Estandin
Dabit
Beginning Balanci
Ending Balanon
Dabit
Beginning Balance
Accounts Receivable
Credit
Dobit
Credit
Supplier
Equipment
Gracit
Land
Building
Dabit
Crackt
Espinning Balans
Aozaunts Payabla
Unsumed Revenue
Dubit
Beginning Balenc
Ending Balanod
cte Paysble
Beginning Enlanc
Ending Balance
口
Common Sock
Additional Paid-In Capita
Retained Earings
Dabib
Beginning Belance
Beginning Bahne
Ending Balance
Ending Bat Face
Rabulding Frac Revenue
Rent Revenu
Dabil
Credit
Debit
Crecit
Beginning Bar
Boowong Ba Fro
Ending Eblanan
Ending Balance
Wager Expence
Utabar Expence
Dabit
Gracilit
Debit
Credit
Bagirusing Barce
eginning Ballinać
Ending Estora
Ending Balanc
Interact Expan
Dabit
Baginning Bannon
Transcribed Image Text:Dabit Begiming Balanom Cach Ending Balanda Daciti Exginning Bamnoz Ending Estandin Dabit Beginning Balanci Ending Balanon Dabit Beginning Balance Accounts Receivable Credit Dobit Credit Supplier Equipment Gracit Land Building Dabit Crackt Espinning Balans Aozaunts Payabla Unsumed Revenue Dubit Beginning Balenc Ending Balanod cte Paysble Beginning Enlanc Ending Balance 口 Common Sock Additional Paid-In Capita Retained Earings Dabib Beginning Belance Beginning Bahne Ending Balance Ending Bat Face Rabulding Frac Revenue Rent Revenu Dabil Credit Debit Crecit Beginning Bar Boowong Ba Fro Ending Eblanan Ending Balance Wager Expence Utabar Expence Dabit Gracilit Debit Credit Bagirusing Barce eginning Ballinać Ending Estora Ending Balanc Interact Expan Dabit Baginning Bannon
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