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Required information (The following information applies to the questions displayed below.] Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts receivable Supplies Equipment Land $ 6,400 Accounts payable 32,000 Unearned revenue 1,500 Long-term note payable 9,500 Common stock 7,400 Additional paid-in capital 25,300 Retained earnings $ 9,600 3,840 48, 500 1,600 7,000 11,560 Building a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop; recelved $850 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. g. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. i. Paid $16,500 in wages to employees who worked in January. J. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (). Required: 1& 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference:

Required information (The following information applies to the questions displayed below.] Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts receivable Supplies Equipment Land $ 6,400 Accounts payable 32,000 Unearned revenue 1,500 Long-term note payable 9,500 Common stock 7,400 Additional paid-in capital 25,300 Retained earnings $ 9,600 3,840 48, 500 1,600 7,000 11,560 Building a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop; recelved $850 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. g. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. i. Paid $16,500 in wages to employees who worked in January. J. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (). Required: 1& 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information (The following information applies to the questions displayed below.) Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts receivable Supplies Equipment $ 6,400 Accounts payable 32,000 Unearned revenue 1,500 Long-term note payable 9,500 Common stock 7,400 Additional paid-in capital 25,300 Retained earnings $ 9,600 3,840 48, 500 1,600 7,000 11,560 Land Building a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. g. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. i. Paid $16,500 in wages to employees who worked in January. J. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (). Required: 1& 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference:
Transcribed Image Text:Required information (The following information applies to the questions displayed below.) Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts receivable Supplies Equipment $ 6,400 Accounts payable 32,000 Unearned revenue 1,500 Long-term note payable 9,500 Common stock 7,400 Additional paid-in capital 25,300 Retained earnings $ 9,600 3,840 48, 500 1,600 7,000 11,560 Land Building a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. g. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. i. Paid $16,500 in wages to employees who worked in January. J. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (). Required: 1& 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference:
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