Question

Check my work Che nywele 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: points $ 8,500 5, 200 eBook cash Accounts Receivable Supplies Equipment Land Buildings $ 6,900 Accounts Payable Deferred Revenue 25,250 (deposits) 1,350 250 Notes Payable (long-term) 15,300 Common Stock 6,900 Retained Earnings 22,700 43,500 15,000 6,200 Hint Following are the January transactions: Print Reference a. Received a $865 deposit from a customer who wanted her piano rebuilt in February b. Rented a part of the building to a bicycle repair shop: $345 rent received for January c. Delivered five rebuilt planos to customers who paid $11.925 in cash. d. Delivered two rebuilt pianos to customers for $6,800 charged on account. e. Received $4,800 from customers as payment on their accounts. Received an electric and gas utility bill for $440 for January services to be paid in February g. Ordered $995 in supplies. h. Paid $1,600 on account in January. i. Paid $10,300 in wages to employees in January for work done this month. 1. Received and paid cash for the supplies in (gl. General General Trial Income Statem... Balance Require... Journal Ledger Balance Statem... of Sheet General Journal tab - Prepare the journal entries to record the transactions (a) through (). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31, 2019. Balance Sheet tab - Prepare a classified balance sheet at January 31, 2019. Requirement General Journal >

Answer 1

Ricky's Piano Rebuilding Company Journal entries Date Account Cash Deferred Revenue Credit Debit $ 865 $ 865 $ 345 Cash Rent Revenue $ 345 $ 11,925 Cash Paino Rebuilding Revenue $ 11,925 d $ 6,800 Accounts Receivable Paino Rebuilding Revenue $ 6,800 $ 4,800 Cash Accounts Receivable $ 4,800 $ 440 Utilities expense Accounts Payable $ 440 No entry As its just an order & not purchase yet h $ 1,600 Accounts Payable Cash $ 1,600 $ 10,300 Wages expense Cash $ 10,300 $ 995 Supplies Cash $ 995

Date Date Credit Date Credit Ricky's Piano Rebuilding Company T Accounts Date Debit Date Credit Cash Op bal $ 6,900 $ 865 h $ 1,600 $ 345 $ 10,300 $ 11,925 $ 995 $ 4,800 Debit Date Credit Accounts Receivable $ 25,250 $ 6,800 d $ 4,800 Debit Date Supplies $1,350 $ 995 Debit Date Equipment $ 15,300 Op bal Op bal d Op bal j Bal. Bal. Bal. Bal. $ 11,940 Land $ 6,900 $ 27,250 Building $22,700 $ 2,345 Accounts Payable Op bal $ 1,600 f $ 15,300 Deferred Revenue Op bal Op bal Op bal $ 8,500 $ 440 $ 5,200 $ 865 Bal. Bal. $ 7,340 $ 6,065 $ 6,900 Notes Payable Op bal $ 22,700 Common Stock Op bal Bal. Retained Earnings Op bal $43,500 $15,000 $ 6,200 $ 15,000 $ 6,200 Bal. Rent Revenue Bal. $ 43,500 Paino Rebuilding Revenue $ 11,925 $ 6,800 Bal. Wages expense $ 10,300 Utilities expense $ 440 $ 345 i $ 18,725 Bal. $ 345 Bal. $ 10,300 Bal. $ 440

Ricky's Piano Rebuilding Com; Account Names Cash Accounts Receivable Supplies Equipment Land Building Accounts Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Paino Rebuilding Revenue Rent Revenue Wages expense Utilities expense Totals Unadjusted TB Debit Credit 11,940 27,250 2,345 15,300 6,900 22,700 7,340 6,065 43,500 15,000 6,200 18,725 345 10,300 440 97,175 97,175

18,725 345 Ricky's Piano Rebuilding Company Income Statement For the Month Ended January 31, 2019 Revenues Paino Rebuilding Revenue Rent Revenue Total Revenues Expenses Wages expense Utilities expense Total Expenses Net Income 19,070 10,300 440 10,740 8,330 6,200 Statement of Retained Earnings For the Month Ended January 31, 2019 Retained Earnings, January 1 Net Income Less Dividends Retained Earnings, January 31 8,330 14,530

Ricky's Piano Rebuilding Company Balance Sheet As of January 31, 2019 Assets Current Assets Cash Accounts Receivable Supplies Total Current Assets 11,940 27,250 2,345 41,535 15,300 6,900 Property, Plant & Equipment Equipment Land Building Total Property, Plant & Equipment Total Assets 22,700 44,900 86,435 Liabilities & Stockholders Equity Current Liabilities Accounts Payable Deferred Revenue Total Current Liabilities 7,340 6,065 13,405 Long term Liabilties Notes Payable Total Liabilties 43,500 56,905 Stockholders Equity Common Stock Retained earnings Total Stockholders Equity Total Liabilities & Stockholders Equity 15,000 14,530 29,530 86,435