Question

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, $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.

Answer 1

Journal entries

#	Particulars	Debit	Credit
1	Advertising Expense	1,000
	Cash		1,000
2	Supplies	3,600
	Accounts Payable		3,600
3	Miscellaneous Expense	1,700
	Cash		1,700
4	Cash	13,000
	Accounts Receivable		13,000
5	Accounts Payable	14,400
	Cash		14,400
6	Cash	5,000
	Accounts Receivable	9,000
	Service Revenue		14,000
7	Salaries and Wages Expense	3,000
	Cash		3,000
8	Dividends	1,600
	Cash		1,600