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Question 1

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	$	7,700	Accounts Payable	$	9,700
Accounts Receivable		30,100	Deferred Revenue (deposits)		3,710
Supplies		1,710	Notes Payable		53,600
Equipment		9,700	Contributed Capital		9,700
Land		7,700	Retained Earnings		10,700
Building		30,500

Requirement 1:

Prepare journal entries for the following January transactions, using the letter of each transaction as a reference: (If no entry is required for a transaction/event, write "No journal entry required" in the first account field.)

a. Received a $670 deposit from a customer who wanted her piano rebuilt in February.

b. Rented a part of the building to a bicycle repair shop; $385 rent was received for January.

c. Delivered five rebuilt pianos to customers who paid $17,900 in cash.

d. Delivered two rebuilt pianos to customers for $8,700 charged on account.

e. Received $7,700 from customers as payment on their accounts.

f. Received a utility bill for $520 for January services to be paid in February.

g. Ordered $1,140 in supplies.

h. Paid $2,210 to suppliers on account in January.

i. Paid $18,500 in wages to employees in January for work done this month.

j. Received and paid cash for the supplies in (g).

Requirement 2:

Post the journal entries to the T-accounts which are listed below. Show the unadjusted ending balances in the T-accounts.

Question 2

The following information pertains to the most recent quarter that ended on December 31, 2022, at Akon Limited.

Purchases of raw materials		378,000
Raw materials inventory, beginning		44,800
Raw materials inventory, ending		74,000
Depreciation, factory		198,000
Insurance, factory		21,200
Direct labour		248,400
Maintenance, factory		124,800
Administrative expenses		289,600
Sales	2,088,000
Utilities, factory	114,000
Supplies, factory	4,120
Selling expenses	330,800
Indirect labor	268,400
Work in process inventory, beginning	28,600
Work in process inventory, ending	122,400
Finished goods inventory, beginning	41,800

Finished goods inventory, ending

167,200

Requirement 1:

Prepare a schedule of the cost of goods manufactured for the quarter that ended Dec 31, 2022.

Requirement 2:

Prepare an income statement for the quarter that ended Dec 31, 2022.

Note: Please post the answer in excel format.

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