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In: Accounting

Tom Zopf owns and manages a computer repair service, which had the following trial balance on...

Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2016 (the end of its fiscal year).

TABLETTE REPAIR SERVICE, INC.
Trial Balance
December 31, 2016

Debit

Credit

Cash

$ 8,000

Accounts Receivable

15,000

Supplies

11,000

Prepaid Rent

3,000

Equipment

21,000

Accounts Payable

$17,000

Common Stock

 30,000

Retained Earnings

    

11,000

$58,000

$58,000


Summarized transactions for January 2017 were as follows.

1. Advertising costs, paid in cash, $1,000.
2. Additional supplies acquired on account $3,600.
3. Miscellaneous expenses, paid in cash, $1,700.
4. Cash collected from customers in payment of accounts receivable $13,000.
5. Cash paid to creditors for accounts payable due $14,400.
6. Repair services performed during January: for cash $5,000; on account $9,000.
7. Wages for January, paid in cash, $3,000.
8. Dividends during January were $1,600.

Prepare a trial balance as of January 31, 2017

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Expert Solution


ekkarill92 answered 3 years ago
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