Question

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.

Post the journal entries to the accounts in the ledger.

Solutions

Expert Solution

Cash Advertising Expense
Beg. Bal. $ 8,000 1. $ 1,000 Beg. Bal.
4. $ 13,000 2. $ 3,600 1. $ 1,000
6. $ 5,000 3. $ 1,700
5. $ 14,400
7. $ 3,000
8. $ 1,600
End. Bal. $ 700 End. Bal. $ 1,700
Accounts Receivable Miscellaneous expenses
Beg. Bal. $ 15,000 4. $ 13,000 Beg. Bal.
6. $ 9,000 3. $ 1,700
End. Bal. $ 11,000 End. Bal. $ 1,700
Supplies Service revenue
Beg. Bal. $ 11,000 Beg. Bal.
2. $ 3,600 6. $ 14,000
End. Bal. $ 14,600 End. Bal. $ 14,000
Prepaid Rent Wages
Beg. Bal. $ 3,000 Beg. Bal.
7. $ 3,000
End. Bal. $ 3,000 End. Bal. $ 3,000
Equipment Dividends
Beg. Bal. $ 21,000 Beg. Bal.
8. $ 1,600
End. Bal. $ 21,000
End. Bal. $ 1,600
Accounts Payable
Beg. Bal. $ 17,000
5. $ 14,400
End. Bal. $ 2,600
Common stock
Beg. Bal. $ 30,000
End. Bal. $ 30,000
Retained Earnings
Beg. Bal. $ 11,000
End. Bal. $ 11,000

ekkarill92 answered 1 year ago
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