Staceys Piano Rebuilding Company has been operating for one

Stacey\'s Piano Rebuilding Company has been operating for one year (2013). At the start of 2014, its income statement accounts had zero balances and its balance sheet account balances were as follows $ 6,600 Accounts payable $8,800 3,140 47,900 1,520 15,940 Cash 30,900 Accounts receivable Unearned fee revenue (deposits) Supplies Equipment Land 1,480 Note payable (long-term) 10,000 Common stock 7,600 Retained earnings 26,800 Building Additional paid-in capital 6,080 a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash b. Received a $560 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $890 for rent in January d. Received $7,500 from customers as payment on their accounts e. Received an electric and gas utility bill for $420 to be paid in February f. Ordered $890 in supplies g. Paid $1,540 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $930 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. i. Paid $14,100 in wages to employees who worked in January j. Declared and paid a $2,100 dividend. k. Received and paid cash for the supplies in (f)

Solution

Cash Accounts Receivable Supplies Equipment Beg.bal. $6,600.00 Beg.bal. $30,900.00 Beg.bal. $1,480.00 Beg.bal. $10,000.00 a $19,100.00 $1,540.00 g a $19,100.00 $19,100.00 a k & f $890.00 h $930.00 b $560.00 $14,100.00 i $7,500.00 d c $890.00 $2,100.00 j d $7,500.00 $890.00 k & f End.bal. $16,020.00 End.bal. $23,400.00 End.bal. $2,370.00 End.bal. $10,930.00 Land Building Accounts Payable Unearned Fee Revenue Beg.bal. $7,600.00 Beg.bal. $26,800.00 Beg.bal. $8,800.00 Beg.bal. $3,140.00 g $1,540.00 $420.00 e $560.00 b End.bal. $7,600.00 End.bal. $26,800.00 End.bal. $7,680.00 End.bal. $3,700.00 Note Payable Common stock Additional Paid in capital Retained Earnings Beg.bal. $47,900.00 Beg.bal. $1,520.00 Beg.bal. $6,080.00 Beg.bal. $15,940.00 $100.00 h $830.00 h j $2,100.00 End.bal. $47,900.00 End.bal. $1,620.00 End.bal. $6,910.00 End.bal. $13,840.00 Rebuilding Fees Revenue Rent Revenue Wages Expense Utilities Expense $19,100.00 a $890.00 c i $14,100.00 e $420.00 End.bal. $19,100.00 End.bal. $890.00 End.bal. $14,100.00 End.bal. $420.00