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 2 years ago
Next > < Previous

Related Solutions

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...
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 $ 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...
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 $ 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...
Problem 2-03A a-d (Video) Tom Zopf owns and manages a computer repair service, which had the...
Problem 2-03A a-d (Video) Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2019 (the end of its fiscal year). Oriole Company Trial balance December 31, 2019 Debit Credit Cash $ 7,300 Accounts Receivable 15,200 Supplies 12,000 Prepaid Rent 1,400 Equipment 20,500 Accounts Payable $14,400 Common Stock 31,000 Retained Earnings      11,000 $56,400 $56,400 Summarized transactions for January 2020 were as follows. 1. Advertising costs, paid in cash, $1,150. 2. Additional...
Problem 2-3A (Part Level Submission) Tom Zopf owns and manages a computer repair service, which had...
Problem 2-3A (Part Level Submission) 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,...
Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the...
Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Reliable Repairs & Service UNADJUSTED TRIAL BALANCE April 30, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,350.00 2 Accounts Receivable 67,500.00 3 Supplies 16,200.00 4 Equipment 116,100.00 5 Accounts Payable 15,750.00 6 Unearned Fees 18,000.00 7 Karin Bickle, Capital 121,500.00 8 Karin Bickle, Drawing 13,500.00 9 Fees Earned 294,750.00 10 Wages Expense 94,500.00 11 Rent Expense 72,000.00...
Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the...
Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 12,410 Accounts Receivable 82,420 Supplies 19,860 Equipment 472,590 Accounts Payable 19,360 Unearned Fees 21,850 Nancy Townes, Capital 342,000 Nancy Townes, Drawing 16,380 Fees Earned 496,510 Wages Expense 115,190 Rent Expense 87,880 Utilities Expense 63,060 Miscellaneous Expense 9,930 879,720 879,720 For preparing the...
Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the...
Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Trident Repairs & Service UNADJUSTED TRIAL BALANCE November 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 9,880.00 2 Accounts Receivable 67,550.00 3 Supplies 16,160.00 4 Equipment 114,550.00 5 Accounts Payable 15,790.00 6 Unearned Fees 17,600.00 7 Common Stock 9,500.00 8 Retained Earnings 112,710.00 9 Dividends 13,210.00 10 Fees Earned 291,830.00 11 Wages Expense 94,040.00 12 Rent Expense...
Question 12 John owns a computer repair service. For each computer, he charges $50 plus $45...
Question 12 John owns a computer repair service. For each computer, he charges $50 plus $45 per hour of work. A linear equation that expresses the total amount of money John earns per computer is y=50+45x. What are the independent and dependent variables? What is the y-intercept and the slope? Select the correct answer below: The independent variable (x) is the amount of time John fixes a computer. The dependent variable (y) is the amount, in dollars, John earns for...
Adjusting Entries Reliable Repairs and Service, an electronics repair store, prepared the following unadjusted trial balance...
Adjusting Entries Reliable Repairs and Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Reliable Repairs and Service Unadjusted Trial Balance April 30, 2018 Debit Balances Credit Balances Cash 13,860 Accounts Receivable 92,000 Supplies 22,170 Equipment 471,750 Accounts Payable 21,610 Unearned Fees 24,380 Common Stock 55,000 Retained Earnings 271,000 Dividends 18,290 Fees Earned 554,200 Wages Expense 128,570 Rent Expense 98,090 Utilities Expense 70,380 Miscellaneous Expense 11,080 926,190 926,190 For...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT