Question

In: Accounting

A: Open T-accounts for each of the accounts listed in the trial balance, and enter the...

A: Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017.

B: Prepare journal entries to record each of the January transactions.

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.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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