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Ricky's Piano Rebuilding Company has been operating for one year

Accounting

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Ricky's Piano Rebuilding Company has been operating for one year. On June 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 June 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).

 

4.Prepare an unadjusted trial balance at June 30.