Solved:

Checkmark

Answered by AI, Verified by Human Experts

Prepare an unadjusted trial balance at January 31st.

Prepare an unadjusted trial balance at January 31st.Required information

[The following information applies to the questions displayed below.]

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 $ 6,000 Accounts Payable $ 8,000 Accounts Receivable 25,000 Deferred Revenue (deposits) 3,200 Supplies 1,200 Notes Payable (long-term) 40,000 Equipment 8,000 Common Stock 8,000 Land 6,000 Retained Earnings 9,000 Building 22,000 Following are the January transactions:

Received a $500 deposit from a customer who wanted her piano rebuilt in February.

Rented a part of the building to a bicycle repair shop; $300 rent received for January.

Delivered five rebuilt pianos to customers who paid $14,500 in cash.

Delivered two rebuilt pianos to customers for $7,000 charged on account.

Received $6,000 from customers as payment on their accounts.

Received an electric and gas utility bill for $350 for January services to be paid in February.

Ordered $800 in supplies.

Paid $1,700 on account in January.

Paid $10,000 in wages to employees in January for work done this month.

Received and paid cash for the supplies in (g).

Prepare an unadjusted trial balance at January 31.

RICKY’S PIANO REBUILDING COMPANY

Unadjusted Trial Balance

At January 31

Account Name Debit Credit

Total

Final answer:Provided is an unadjusted trial balance for Ricky’s Piano Rebuilding Company at January 31st, showcasing the company's assets, liabilities, equity, and income/expenses.Explanation:An unadjusted trial balance at January 31st for Ricky’s Piano Rebuilding Company:Assets: Cash $36,500, Accounts Receivable $30,000, Supplies $1,000, Equipment $8,000, Land $6,000, Building $22,000.Liabilities: Accounts Payable $8,000, Deferred Revenue $3,200, Notes Payable $40,000.Equity: Common Stock $8,000, Retained Earnings $9,000.Income and Expenses: Revenue $21,500, Rent Revenue $300, Utilities Expense $350, Supplies Expense $800, Wages Expense $10,000....

Unlock full access for 72 hours, watch your grades skyrocket.
For just $0.99 cents, get access to the powerful quizwhiz chrome extension that automatically solves your homework using AI. Subscription renews at $5.99/week.