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3 years ago

Following are the January transactions:

Business

1 answer:

lesya692 [45]3 years ago

8 0

Answer:

a) Received a $795 deposit from a customer who wanted her piano rebuilt in February.

Account Debit Credit

Cash $795

Unearned Revenue $795

b) Rented a part of the building to a bicycle repair shop: $545 rent received for January.

Account Debit Credit

Cash $545

Rent Revenue $545

c) Delivered five rebuilt pianos to customers who paid $14,425 in cash.

Account Debit Credit

Cash $14,425

Service Revenue $14,425

d) Delivered two rebuilt pianos to customers for $7,600 charged on account.

Account Debit Credit

Accounts Receivable $7,600

Service Revenue $7,600

e) Received $6,400 from customers as payment on their accounts.

Account Debit Credit

Cash $6,400

Accounts Receivable $6,400

f) Received an electric and gas utility bill for $750 for January services to be paid in February.

Account Debit Credit

Utilities Expense $750

Utilities Payable $750

g) Ordered $1,140 in supplies.

Account Debit Credit

Supplies Expense $1,140

Supplies Payable $1,140

h) Paid $3,400 on account in January.

Account Debit Credit

Cash $3,400

Accounts Payable $3,400

i) Paid $16,900 in wages to employees in January for work done this month.

Account Debit Credit

Cash $16,900

Wage Expense $16,900

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

Account Debit Credit

Cash $1,140

Supplies Payable $1,140

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