Reference no: EM132642581

Question - 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 $6,750

Accounts Payable $8,450

Accounts Receivable 23,250

Deferred Revenue (deposits) 3,150

Supplies 1,250

Notes Payable (long-term) 52,250

Equipment 17,700

Common Stock 10,500

Land 10,700

Retained Earnings 16,500

Building 31,200

Following are the January transactions:

1. Received a $880 deposit from a customer who wanted her piano rebuilt in February.

2. Rented a part of the building to a bicycle repair shop; $405 rent received for January.

3. Delivered five rebuilt pianos to customers who paid $16,500 in cash.

4. Delivered two rebuilt pianos to customers for $8,400 charged on account.

5. Received $6,750 from customers as payment on their accounts.

6. Received an electric and gas utility bill for $455 for January services to be paid in February.

7. Ordered $1,270 in supplies.

8. Paid $1,550 on account in January.

9. Paid $11,300 in wages to employees in January for work done this month.

10. Received and paid cash for the supplies in (g).

Required - Post the journal entries to the T-accounts. Show the unadjusted beginning and ending balances in the T-accounts.