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 Building $6,900 30,200 1,510 10,000 8,000 26,500 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings $8,800 3,340 47,500 1,500 6,320 15,870 a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash. b. Received a $550 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $870 for rent in January. d. Received $7,800 from customers as payment on their accounts. e. Received an electric and gas utility bill for $500 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,640 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $930 tool (equipment) to use in the business in exchange for 130 shares of $1 par value stock. i. Paid $14,600 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 (f). L. Paid $340 in interest expense on the long-term note payable. Required: 1 and 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction. as the reference: 3. Using the data from the T-accounts, amounts for the following at the end of January of the second year, were:
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 Building $6,900 30,200 1,510 10,000 8,000 26,500 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings $8,800 3,340 47,500 1,500 6,320 15,870 a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash. b. Received a $550 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $870 for rent in January. d. Received $7,800 from customers as payment on their accounts. e. Received an electric and gas utility bill for $500 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,640 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $930 tool (equipment) to use in the business in exchange for 130 shares of $1 par value stock. i. Paid $14,600 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 (f). L. Paid $340 in interest expense on the long-term note payable. Required: 1 and 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction. as the reference: 3. Using the data from the T-accounts, amounts for the following at the end of January of the second year, were:
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Required:
1 and 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction
as the reference:
3. Using the data from the T-accounts, amounts for the following at the end of January of the second year, were:
Complete this question by entering your answers in the tabs below.
Required 1
and 2
Required 3
Using the data from the T-accounts, amounts for the following at the end of January of the second year, were:
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Assets
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Net income
Stockholder's equity
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Transcribed Image Text: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
Building
$ 6,900
30,200
1,510
10,000
8,000
26,800
Accounts payable
Unearned revenue
Long-term note payable
Common stock
Additional paid-in capital
Retained earnings
$8,800
3,340
47,500
1,500
6,320
15,870
a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash.
b. Received a $550 deposit from a customer who wanted her piano rebuilt.
c. Rented a part of the building to a bicycle repair shop; received $870 for rent in January.
d. Received $7,800 from customers as payment on their accounts.
e. Received an electric and gas utility bill for $500 to be paid in February.
f. Ordered $910 in supplies.
g. Paid $1,640 on account in January.
h. Received from the home of Stacey Eddy, the major shareholder, a $930 tool (equipment) to use in the business in exchange
for 130 shares of $1 par value stock.
i. Paid $14,600 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 (f).
L. Paid $340 in interest expense on the long-term note payable,
Required:
1 and 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction
as the reference:
3. Using the data from the T-accounts, amounts for the following at the end of January of the second year, were:
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