Reference no: EM13567282

Stacey's Piano Rebuilding Company has been operating for one year (2010). At the start of 2011, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 6,700 Accounts payable $ 9,500 Accounts receivable 30,700 Unearned fee revenue 3,040 Supplies 1,520 Note payable  47,400 Equipment 9,800 Contributed capital 8,000 Land 7,700 Retained earnings 15,080 Building 26,600 a. Rebuilt and delivered five pianos in January to customers who paid $19,300 in cash. b. Received a $590 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $900 for rent in January. d. Received $7,500 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $890 in supplies. g. Paid $1,240 on account in January.

Received from the home of Stacey Eddy, the major shareholder, a $930 tool to use in the business. i. Paid $14,200 in wages to employees who worked in January. j. Declared and paid a $1,600 dividend. k. Received and paid cash for the supplies in (f). rev: 02-16-2011 7.value: 6.00 points Required: 1&2. Enter the following January 2011 transactions in the T-accounts, using the letter of each transaction as the reference.