Rickys Piano Rebuilding Company has been operating for one year. On January 1, at the...
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Accounting
Rickys 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
$ 8,100
Accounts Payable
$ 11,350
Accounts Receivable
38,000
Deferred Revenue (deposits)
5,000
Supplies
2,800
Notes Payable (long-term)
49,500
Equipment
13,000
Common Stock
16,500
Land
7,300
Retained Earnings
9,150
Buildings
22,300
Following are the January transactions:
Received a $695 deposit from a customer who wanted her piano rebuilt in February.
Rented a part of the building to a bicycle repair shop; $325 rent received for January.
Delivered five rebuilt pianos to customers who paid $15,600 in cash.
Delivered two rebuilt pianos to customers for $8,000 charged on account.
Received $5,400 from customers as payment on their accounts.
Received an electric and gas utility bill for $670 for January services to be paid in February.
Ordered $1,185 in supplies.
Paid $3,000 on account in January.
Paid $15,500 in wages to employees in January for work done this month.
Received and paid cash for the supplies in (g).
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