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Required information (The following information applies to the questions displayed below.] Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: $ $ Cash Accounts receivable Supplies Equipment Land Building 6,900 30,700 1,460 9,800 8,000 27,300 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9,300 3,140 47,800 1,660 6,640 15,620 a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $570 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $870 for rent in January. d. Received $7,900 from customers as payment on their accounts. e. Received an electric and gas utility bill for $440 to be paid in February. f. Ordered $930 in supplies. g. Paid $1,340 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. i. Paid $14,000 in wages to employees who worked in January. j. Declared and paid a $2,300 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). Required: 1 & 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference. Cash Accounts Receivable Beg. Bal. 6,900 Beg. Bal. 30,700 End. Bal. 30,700 End. Bal. 6,900 Supplies 1,460 Equipment 9,800 Beg. Bal. Beg. Bal. End. Bal. 1,460 End. Bal. 9,800 Land Building 27,300 Beg. Bal. 8,000 Beg. Bal. End. Bal. 8,000 End. Bal. 27,300 Accounts Payable Unearned Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Long-term Note Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Additional Paid-in Capital Retained Earnings Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Rebuilding Fees Revenue Rent Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Wages Expense Utilities Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0

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