[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 Accounts Receivable Supplies Equipment Land Buildings $ 6,950 Accounts Payable 24,000 Deferred Revenue (deposits) 2,250 Notes Payable (long-term) 10,200 Common Stock $ 9,350 4,850 47,750 9,500 7,550 Retained Earnings 11,300 31,800 Following are the January transactions: a. Received a $550 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $400 rent received for January. c. Delivered five rebuilt pianos to customers who paid $16,975 in cash. d. Delivered two rebuilt pianos to customers for $8,900 charged on account. e. Received $6,850 from customers as payment on their accounts. f. Received an electric and gas utility bill for $375 for January services to be paid in February. g. Ordered $1,170 in supplies. h. Paid $1,650 on account in January. 1. Paid $17,900 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (g). Required: 2. Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
[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 Accounts Receivable Supplies Equipment Land Buildings $ 6,950 Accounts Payable 24,000 Deferred Revenue (deposits) 2,250 Notes Payable (long-term) 10,200 Common Stock $ 9,350 4,850 47,750 9,500 7,550 Retained Earnings 11,300 31,800 Following are the January transactions: a. Received a $550 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $400 rent received for January. c. Delivered five rebuilt pianos to customers who paid $16,975 in cash. d. Delivered two rebuilt pianos to customers for $8,900 charged on account. e. Received $6,850 from customers as payment on their accounts. f. Received an electric and gas utility bill for $375 for January services to be paid in February. g. Ordered $1,170 in supplies. h. Paid $1,650 on account in January. 1. Paid $17,900 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (g). Required: 2. Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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
Accounts Receivable
Supplies
Equipment
Land
Buildings
$ 6,950 Accounts Payable
24,000 Deferred Revenue (deposits)
2,250 Notes Payable (long-term)
10,200 Common Stock
$ 9,350
4,850
47,750
9,500
7,550 Retained Earnings
11,300
31,800
Following are the January transactions:
a. Received a $550 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $400 rent received for January.
c. Delivered five rebuilt pianos to customers who paid $16,975 in cash.
d. Delivered two rebuilt pianos to customers for $8,900 charged on account.
e. Received $6,850 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $375 for January services to be paid in February.
g. Ordered $1,170 in supplies.
h. Paid $1,650 on account in January.
1. Paid $17,900 in wages to employees in January for work done this month.
J. Received and paid cash for the supplies in (g)
Required:
2. Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3648e63c-5f72-43ae-9547-3b45613e4e55%2F0e1faf82-4a8d-40bd-a93f-c2451387aae5%2F60v98b_processed.png&w=3840&q=75)
Transcribed Image Text:[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
Accounts Receivable
Supplies
Equipment
Land
Buildings
$ 6,950 Accounts Payable
24,000 Deferred Revenue (deposits)
2,250 Notes Payable (long-term)
10,200 Common Stock
$ 9,350
4,850
47,750
9,500
7,550 Retained Earnings
11,300
31,800
Following are the January transactions:
a. Received a $550 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $400 rent received for January.
c. Delivered five rebuilt pianos to customers who paid $16,975 in cash.
d. Delivered two rebuilt pianos to customers for $8,900 charged on account.
e. Received $6,850 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $375 for January services to be paid in February.
g. Ordered $1,170 in supplies.
h. Paid $1,650 on account in January.
1. Paid $17,900 in wages to employees in January for work done this month.
J. Received and paid cash for the supplies in (g)
Required:
2. Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)
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