Reference no: EM132642656

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 balance sheet account balances were as follows:

Cash $6,750
Accounts Payable $8,450
Accounts Receivable 23,250
Deferred Revenue (deposits) 3,150
Supplies 1,250
Notes Payable (long-term) 52,250
Equipment 17,700
Common Stock 10,500
Land 10,700
Retained Earnings 16,500
Building 31,200

Following are the January transactions:

1. Received a $880 deposit from a customer who wanted her piano rebuilt in February
2. Rented a part of the building to a bicycle repair shop; $405 rent received for January. 
3. Delivered five rebuilt pianos to customers who paid $16,500 in cash. 
4. Delivered two rebuilt pianos to customers for $8,400 charged on account. 
5. Received $6,750 from customers as payment on their accounts. 
6. Received an electric and gas utility bill for $455 for January services to be paid in February. 
7. Ordered $1,270 in supplies. 
8. Paid $1,550 on account in January. 
9. Paid $11,300 in wages to employees in January for work done this month. 
10. Received and paid cash for the supplies in (g).

Question 1: Prepare journal entries for the above January transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Question 2: Complete the Journal Entry Worksheet