omework Assignm... Help Save &Exit Check m Ricky\'s Piano Rebuilding Company has

Question

omework Assignm... Help Save &Exit Check m 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 sheet account balances were as follows: balance Cash 6,950 Accounts Payable Deferred Revenue (deposits) 9,358 4,850 Accounts Receivable 24,000 Supplies Equipment Land Building 2,250 Notes Payable (long-term) 47,75e 9,5e0 11,308 10,200 Common Stock 7,550 Retained Earnings 31,800 Following are the January transactions:

Explanation / Answer

Solution:

Unadjusted Trial Balance with working

Unadjusted Trial Balance

Beginning

January Transaction

Unadjusted Trial Balance

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$6,950

$24,775

(550+400+16975+6850)

$20,720

(1650+17900)

$11,005

Accounts Receivable

$24,000

$2,050

$26,050

Supplies

$2,250

$1,170

$3,420

Equipment

$10,200

$10,200

Land

$7,550

$7,550

Building

$31,800

$31,800

Accounts Payable

$9,350

$2,820

$1,545

$8,075

Deferred Revenue (Deposits)

$4,850

$550

$5,400

Notes Payable (Long Term)

$47,750

$47,750

Common Stock

$9,500

$9,500

Retained Earnings

$11,300

$11,300

Revenue

$25,875

$25,875

Rental Income

$400

$400

Wages Expense

$17,900

$17,900

Utility Expenses

$375

$375

Totals

$82,750

$82,750

$108,300

$108,300

Unadjusted Trial Balance

Unadjusted Trial Balance

Debit

Credit

Cash

$11,005

Accounts Receivable

$26,050

Supplies

$3,420

Equipment

$10,200

Land

$7,550

Building

$31,800

Accounts Payable

$8,075

Deferred Revenue (Deposits)

$5,400

Notes Payable (Long Term)

$47,750

Common Stock

$9,500

Retained Earnings

$11,300

Revenue

$25,875

Rental Income

$400

Wages Expense

$17,900

Utility Expenses

$375

Totals

$108,300

$108,300

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Unadjusted Trial Balance

Beginning

January Transaction

Unadjusted Trial Balance

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$6,950

$24,775

(550+400+16975+6850)

$20,720

(1650+17900)

$11,005

Accounts Receivable

$24,000

$2,050

$26,050

Supplies

$2,250

$1,170

$3,420

Equipment

$10,200

$10,200

Land

$7,550

$7,550

Building

$31,800

$31,800

Accounts Payable

$9,350

$2,820

$1,545

$8,075

Deferred Revenue (Deposits)

$4,850

$550

$5,400

Notes Payable (Long Term)

$47,750

$47,750

Common Stock

$9,500

$9,500

Retained Earnings

$11,300

$11,300

Revenue

$25,875

$25,875

Rental Income

$400

$400

Wages Expense

$17,900

$17,900

Utility Expenses

$375

$375

Totals

$82,750

$82,750

$108,300

$108,300

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