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#9 Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the...

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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 $ 6,300 Accounts Payable $ 8,850
Accounts Receivable 31,000 Deferred Revenue (deposits) 4,450
Supplies 2,550 Notes Payable (long-term) 49,000
Equipment 12,300 Common Stock 12,500
Land 9,150 Retained Earnings 12,500
Building 26,000

Following are the January transactions:

  1. Received a $760 deposit from a customer who wanted her piano rebuilt in February.
  2. Rented a part of the building to a bicycle repair shop; $785 rent received for January.
  3. Delivered five rebuilt pianos to customers who paid $21,475 in cash.
  4. Delivered two rebuilt pianos to customers for $10,500 charged on account.
  5. Received $8,100 from customers as payment on their accounts.
  6. Received an electric and gas utility bill for $600 for January services to be paid in February.
  7. Ordered $1,120 in supplies.
  8. Paid $2,250 on account in January.
  9. Paid $15,900 in wages to employees in January for work done this month.
  10. Received and paid cash for the supplies in (g).

  1. 5-a. Prepare an income statement for the month ended and at January 31.

    5-b. Prepare a statement of retained earnings for the month ended and at January 31.

    5-c. Prepare a classified balance sheet for the month ended and at January 31.

business   accounting   
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Answer #1

Step 1 Journal entry for Transaction for Janaury Particulars Cash Deferred Revenue (Deposit) To record cash received from customer for servies vet to be performed Cash Rental Income To record rental income for Januar Cash Revenue To record revenue from rebuild of 5 pianos Accounts Receivable Revenue Sr.No. Debit Credit $760 $760 $785 $785 $21,475 $21,475 $10,500 $10,500 rd revenue from o reco rebuild of 2 pianos Cash Accounts Receivable To record payment received from customers) Utilities Expense Accounts Payable To record utilities expenses on account) No Ent No Entry (On ordering of supplies) Accounts Payable Cash To record payment made) Salaries and Wages Expense Cash To record salary expense) Supplies Cash To record purchase of supplies) $8,100 $8,100 $600 $600 $2,250 $2,250 $15,900 $15,900 $1,120 $1,120Step 2 Rickys Piano Rebuilding Compan Trial Balance Trail Balance January 31, Entry Adjustment Januar Particulars Cash Accounts Receivable Supplies Equipment Land Building Accounts Payable Deferred Revenue (Deposit) Notes Payable (Long Term) Common Stock Retained Earnings Rental Income Revenue Utilities Expense Salaries and Wages Expense Debit Credit Debit Credit Debit Credit $6,300 $31,000 $2,550 $12,300 $9,150 $26,000 $19,270$18,150 $8,100$33,400 $3,670 SO$12,300 $9,150 SO $26,000 $10,500 $1,120 0 So So $2,250 So 0 So So 0 So 0 $8,850 $4,450 $49,000 $12,500 $12,500 $600 $760 0 So So $785 S$31,975 0 $7,200 $5,210 $49,000 $12,500 $12,500 $785 $31,975 $600 $15,900 $600 SO $15,900 $87,300 87,300 61,490 61,490 119,170 119,170Rickys Piano Rebuilding Company Income Statement For the year ended 31st January Particulars Revenue Less: Operating ExpenseRickys Piano Rebuilding Company Balance Sheet January 31 5-C Amount Liabilities Assets Cash Accounts Receivable Supplies Amount Amount $18,150 Accounts Payable $33,400 Deferred Revenue (Deposit) $7,200 $5,210 $3,670 Total Current Assets 55.220 Total Current Liabilities $12,410 Land Equipment Building $9,150 Notes Payable (Long Term) $12,300 $26,000 Shareholders Equity $49,000 Common Stock Retained Earnin Total Shareholders Equi $12,500 $28,760 41,260 Total Assets 102,670 Total Liabilities and Shareholders E $102,670

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