Question

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		$ 9,000
Accounts Receivable		15,100
Supplies		12,700
Prepaid Rent		2,800
Equipment		19,300
Accounts Payable				$16,500
Common Stock				31,000
Retained Earnings				11,400
		$58,900		$58,900

Summarized transactions for January 2017 were as follows.

1.		Advertising costs, paid in cash, $1,120.
2.		Additional supplies acquired on account $4,150.
3.		Miscellaneous expenses, paid in cash, $2,020.
4.		Cash collected from customers in payment of accounts receivable $12,340.
5.		Cash paid to creditors for accounts payable due $12,840.
6.		Repair services performed during January: for cash $6,850; on account $8,540.
7.		Wages for January, paid in cash, $2,410.
		8. Dividends during January were $2,550 A: Post the journal entries to the accounts in the ledger. B: Prepare a trial balance as of January 31, 2017.

Answer 1

• As required y the question, the T accounts of given accounts are opened. Also, the given journal entries are posted to those Opened T Accounts.
• Answer provided include : All journal entries, all T accounts and posting and Opening and Closing Trial balances
• Journal Entries

No	Account Titles	Dr	Cr
1	Advertising expenses	1120
	Cash		1120
2	Supplies	4150
	Accounts payable		4150
3	Miscellaneous expenses	2020
	Cash		2020
4	Cash	12340
	Accounts receivables		12340
5	Accounts payable	12840
	Cash		12840
6	Cash	6850
	Accounts receivables	8540
	Service Revenue		15390
7	Wages/Salaries expense	2410
	Cash		2410
8	Dividends	2550
	Cash		2550

• T Accounts opened

Cash
Op. Bal	9000	1	1120
4	12340	3	2020
6	6850	5	12840
		7	2410
		8	2550
		Bal	7250
TOTAL	28190	TOTAL	28190
Accounts receivables
Op bal	15100	4	12340
6	8540	Bal	11300
Total	23640	Total	23640
Supplies
Op Bal	12700	BAL	16850
2	4150
Total	16850	Total	16850
Prepaid Rent
Op bal	2800	Bal	2800
Total	2800	Total	2800
Equipment
Op Bal	19300	Bal	19300
Total	19300	Total	19300
Accounts payable
5	12840	Op Bal	16500
Bal	7810	2	4150
Total	20650	Total	20650
Common Stock
Bal	31000	Op Bal	31000
Total	31000	Total	31000
Retained earnings
Bal	11400	Op. Bal	11400
Total	11400	Total	11400

Advertising expense
1	1120	Bal	1120
Total	1120	Total	1120
Miscellaneous expenses
3	2020	BAL	2020
Total	2020	Total	2020
Service Revenue
Bal	15390	6	15390
Total	15390	Total	15390
Wages/Salaries expenses
7	2410	BAL	2410
Total	2410	Total	2410
Dividends
8	2550	Bal	2550
Total	2550	Total	2550

• Closing Trial balance

	Opening		Closing
	Debit	Credit	Debit	Credit
Cash	9000		7250
Accounts Receivable	15100		11300
Supplies	12700		16850
Prepaid Rent	2800		2800
Equipment	19300		19300
Accounts Payable		16500		7810
Common Stock		31000		31000
Retained Earnings		11400		11400
Advertising expense			1120
Miscellaneous expense			2020
Service revenue				15390
Wages/Salaries expense			2410
Dividends			2550
Total	58900	58900	65600	65600