Question

The R in t o the a nebung come testen operating for one year on January, the second yeah e dence and balance the combines were for com b e a part of the 100 Deveredver w h973 Delivered t o $8.900 charged on account Received hom w a s payment on the accounts Received an electrice and for $375 for any services to be Ordered Sumnes Pod 1850 on January Pwd 7000 inwes to employees in January for work done w month Received and chor the w ees in distruary E3-13 Part 3 Po the Tacco Show the beginning and ending in the accounts F

Answer 1

Ricky's Piano Rebuilding Company Journal entries Date Account Cash Deferred Revenue Credit Debit $ 550 $ 550 $ 400 Cash Rent Revenue $ 400 $ 16,975 Cash Paino Rebuilding Revenue $ 16,975 d $ 8,900 Accounts Receivable Paino Rebuilding Revenue $ 8,900 $ 6,850 Cash Accounts Receivable $ 6,850 $ 375 Utilities expense Accounts Payable $ 375 No entry As its just an order & not purchase yet h $ 1,650 Accounts Payable Cash $ 1,650 $ 17,900 Wages expense Cash $ 17,900 $ 1,170 Supplies Cash $ 1,170

Date Date Credit Date Credit Ricky's Piano Rebuilding Company T Accounts Date Debit Date Credit Cash Op bal $ 6,950 $ 550 h $ 1,650 $ 400 $ 17,900 $ 16,975 $ 1,170 $ 6,850 Debit Date Credit Accounts Receivable $ 24,000 $ 8,900 d $ 6,850 Debit Date Supplies $2,250 $ 1,170 Debit Date Equipment $ 10,200 Op bal Op bal d Op bal i Bal. Bal. Bal. Bal. $ 11,005 Land $ 7,550 $ 26,050 Building $ 31,800 $ 3,420 Accounts Payable Op bal $ 1,650 f $ 10,200 Deferred Revenue Op bal Op bal Op bal $ 9,350 $ 375 $ 4,850 $ 550 Bal. Bal. $ 8,075 $ 5,400 $ 7,550 Notes Payable Op bal $ 31,800 Common Stock Op bal Bal. Retained Earnings Op bal $ 47,750 $ 9,500 $11,300 $ 9,500 $ 11,300 Bal. Rent Revenue Bal. $ 47,750 Paino Rebuilding Revenue $ 16,975 $ 8,900 Bal. Wages expense $ 17,900 Utilities expense $ 375 $ 400 i $ 25,875 Bal. $ 400 Bal. $ 17,900 Bal. $ 375

Ricky's Piano Rebuilding Com; Account Names Cash Accounts Receivable Supplies Equipment Land Building Accounts Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Paino Rebuilding Revenue Rent Revenue Wages expense Utilities expense Totals Unadjusted TB Debit Credit 11,005 26,050 3,420 10,200 7,550 31,800 8,075 5,400 47,750 9,500 11,300 25,875 400 17,900 375 108,300 108,300

25,875 400 Ricky's Piano Rebuilding Company Income Statement For the Month Ended January 31 Revenues Paino Rebuilding Revenue Rent Revenue Total Revenues Expenses Wages expense Utilities expense Total Expenses Net Income 26,275 17,900 375 18,275 8,000 Statement of Retained Earnings For the Month Ended January 31 Beginning balance Net Income Less Dividends Ending Balance 11,300 8,000 19,300

Ricky's Piano Rebuilding Company Balance Sheet As of January 31 Assets Current Assets Cash Accounts Receivable Supplies Total Current Assets 11,005 26,050 3,420 40,475 Property, Plant & Equipment Equipment Land Building Total Property, Plant & Equipment Total Assets 10,200 7,550 31,800 49,550 90,025 Liabilities & Stockholders Equity Current Liabilities Accounts Payable Deferred Revenue Total Current Liabilities 8,075 5,400 13,475 Long term Liabilties Notes Payable Total Liabilties 47,750 61,225 9,500 Stockholders Equity Common Stock Retained earnings Total Stockholders Equity Total Liabilities & Stockholders Equity 19,300 28,800 90,025