Question

Required:
2. Prepare journal entries for the following January 2017 transactions, using the letter of each transaction as a reference

1. Received a $520 deposit from a customer who wanted her piano rebuilt in February.
2. Rented a part of the building to a bicycle repair shop; $310 rent received for January.
3. Delivered five rebuilt pianos to customers who paid $14,900 in cash.
4. Delivered two rebuilt pianos to customers for $7,200 charged on account.
5. Received $6,200 from customers as payment on their accounts.
6. Received a utility bill for $370 for January services to be paid in February.
7. Ordered $840 in supplies.
8. Paid $1,760 to suppliers on account in January.
9. Paid $11,000 in wages to employees in January for work done this month.
10. Received and paid cash for the supplies in (g).

Answer 1

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Journal Entry
Accounts	Ref.	Debit $	Credit $
Cash	a.	520.00
Unearned revenue			520.00
Cash	b.	310.00
Rent revenue			310.00
Cash	c.	14,900.00
Service revenue			14,900.00
Accounts Receivable	d.	7,200.00
Service revenue			7,200.00
Cash	e.	6,200.00
Accounts Receivable			6,200.00
Utility expense	f.	370.00
Accounts Payable			370.00
No entry	g.
Accounts Payable	h.	1,760.00
Cash			1,760.00
Wages expense	i.	11,000.00
Cash			11,000.00
Supplies	j.	840.00
Cash			840.00