Question

Required information (The following information applies to the questions displayed below.] 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 Accounts Receivable Supplies Equipment Land Building $ 7,850 Accounts Payable 15,000 Deferred Revenue (deposits) 2,100 Notes Payable (long-term) 9,500 Common Stock 8,400 Retained Earnings 28,400 $10,300 4,400 41,500 10,000 5,050 Following are the January transactions: a. Received a $690 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop: $350 rent received for January c. Delivered five rebuilt pianos to customers who paid $15,050 in cash. d. Delivered two rebuilt pianos to customers for $7,700 charged on account. e. Received $6,350 from customers as payment on their accounts. f. Received an electric and gas utility bill for $765 for January services to be paid in February. g. Ordered $900 in supplies. h. Paid $2,450 on account in January. i. Paid $10,900 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g).

Answer 1

Ricky's Piano Rebuilding Company
Unadjusted Trial Balance
At January 31
Account Name	Debit	Credit
Cash	16040
Accounts Receivables	16350
Supplies	3000
Equipment	9500
Land	8400
Building	28400
Accounts Payable		8615
Deferred Revenue		5090
Notes Payable long term		41500
Common Stock		10000
Retained Earnings		5050
Service Revenue		22750
Rent Revenue		350
Salaries and wages expenses	10900
Utilities Expenses	765
Total	93355	93355