Reference no: EM13877606
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:
Required:
1. Create T- accounts for the balance sheet accounts and for these additional accounts: Service Revenue, Rent Revenue, Salaries and Wages Expense, and Utilities Expense. Enter the beginning balances.
2. Prepare journal entries for the following January transactions, using the letter of each transaction as a reference:
a. Received a $ 500 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $ 300 rent received for January.
c. Delivered five rebuilt pianos to customers who paid $ 14,500 in cash.
d. Delivered two rebuilt pianos to customers for $ 7,000 charged on account.
e. Received $ 6,000 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $ 350 for January services to be paid in February.
g. Ordered $ 800 in supplies.
h. Paid $ 1,700 on account in January.
i. Paid $ 10,000 in wages to employees in January for work done this month.
j. Received and paid cash for the supplies in (g).
3. Post the journal entries to the T- accounts. Show the unadjusted ending balances in the T- accounts.
|
Explain project management processes common
: Explain Project Management Processes Common to Contemporary Organizations
|
|
What finally pushes augustine fully convert to christianity
: Recall that Rowan Williams told us that many people start believing in God because other people show them that God is trustworthy. What finally pushes Augustine to fully convert to Christianity? How does Antony factor in to that final decision
|
|
Common processes utilized for project selection
: Common processes utilized for project selection and evaluation
|
|
Calculate the companys preliminary net income
: Prepare accrual basis journal entries for each transaction. Be sure to categorize each account as an Asset (A), Liability (L), Stockholders' Equity (SE), Revenue (R), or Expense (E). Also, calculate the company's preliminary net income and net profit..
|
|
Create t accounts for the balance sheet accounts
: Create T- accounts for the balance sheet accounts and for these additional accounts: Service Revenue, Rent Revenue, Salaries and Wages Expense, and Utilities Expense. Enter the beginning balances. Prepare journal entries for the following January tra..
|
|
The speaker and the man with seven wive
: Assuming that the speaker and the man with seven wives met while traveling in opposite directions, how many kittens, cats, sacks, and wives were going to ST. Ives? Explain if you can connect your answer to sequences in any way.
|
|
Should the firm accept the independent projects
: Should the firm accept the independent projects described below? Why or why not? The firm's cost of capital is 10 percent and the estimated internal rate of return (IRR) of the project is 11 percent.
|
|
Article summary - the science behind dreaming
: Write one page summary on each of the articles- PSYCHOLOGICAL BASIS OF HUMAN BEHAVIOR by Andie L. Knutson, Ph.D., F.A.P.H.A. and The Science Behind Dreaming, By Sander van der Linden
|
|
Find its inverse and check your answer
: The function f is one-to-one. Find its inverse and check your answer. State the domain and range of f and f -1. (If you need to enter ∞ or -∞ type INFINITY or -INFINITY.)f(x) = 1 - 8xf -1(x) =
|