Prepare an unadjusted trial balance at January 31st.
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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