Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Ricky's Piano Rebuilding Company has been operating for 1-year (2012). At the beginning of 2013, its income statement accounts had zero balances and its balance sheet account balances were as shown below:

Cash $ 6,000 Accounts Payable $ 8,000

Accounts Receivable 25,000 Unearned Revenue (deposits) 3,200

Supplies 1,200 Notes Payable 40,000

Equipment 8,000 Contributed Capital 8,000

Land 6,000 Retained Earnings 9,000

Building 22,000

Required:

1) Make T-accounts for the balance sheet accounts and for such additional accounts: Piano Rebuilding Revenue, Rent Revenue, Wages Expense and Utilities Expense. Enter the starting balances.

2) Make journal entries for the given January 2010 transactions, by using the letter of each transaction as a reference:

a) Received a $500 deposit from a customer who wanted her piano re-built 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 usefulness 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 salaries 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 T-accounts. Illustrate the unadjusted ending balances in T-accounts.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916561
  • Price:- $40

Guranteed 36 Hours Delivery, In Price:- $40

Have any Question? 


Related Questions in Accounting Basics

Discussionaccounting irregularities please respond to the

Discussion "Accounting Irregularities" Please respond to the following: • Imagine that you were auditing accounts receivable balances to confirm sales and found significant discrepancies between the recorded account bala ...

On the cash dividends become a liability of a

On the ________, cash dividends become a liability of a corporation. declaration date date of record end of the fiscal year payment date ________ are equity securities in which the investor owns 20% or more, but less tha ...

Dq1respond to the ethics discussion case at the end of

DQ1 Respond to the Ethics Discussion Case at the end of chapter 5 in the textbook. Dan owns a successful sports bar in downtown Providence. The state is considering legislation that would restrict the sale of alcohol in ...

Niagular corp just reported a net income of 8500000 amp its

Niagular Corp. just reported a net income of $8,500,000 & its current stock price is $25.75 per share. Niagular Corp. is forecasting an increase of 25% for its net income next year, but it also expects it will have to is ...

1 identify which of the following statements is truea a

1. Identify which of the following statements is true. A. A partnership exists as long as there are at least two individuals or entities engaged in the active conduct of a trade or business or a financial operation, and ...

Dine corp international publishes ratings and reviews of

Dine corp international publishes ratings and reviews of the world finest restaurants.following are the facts you need to prepare dine corp's march bank reconcilation. Balance per company records at end of month  $      ...

Individual internal accountants report to managementyou are

Individual Internal Accountants Report to Management You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary f ...

Auerbach enterprisescomplete case 3a auerbach

Auerbach Enterprises Complete: Case 3A (Auerbach Enterprises). Auerbach Enterprises manufactures air conditioners for automobiles and trucks manufactured throughout North America. The company designs its products with fl ...

You are starting your own internet business you decide to

You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business ...

How do finance and accounting play a role in ethics and

How do finance and accounting play a role in ethics and sustainable positive social change? How might you use accounting or finance to support this role that you described above?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro