1 More Info Data Table Balakrishnan Auto Glass, Inc. Balance Sheet Accounts, January 1, 20X0 Cash $ 7,800 3,200 2,400 January 2 Collected accounts receivable, $3,000 3 Rendered services to customers for cash, $4,500 (5700 collected for parts, $3,800 for labor). Use two accounts, Parts Revenue and Labor Revenue 3 Cost of parts used for services rendered, $450 7 Paid legal expenses, $550 cash. 9 Acquired parts on open account, $1,400. 11 Paid cash for wages, $1,200 13 Paid cash for truck repairs, S550. 19 Billed customer for services, $3,900 ($800 for parts and $3,100 for labor). 19 Cost of parts used for services rendered, $350 24 Paid cash for wages, $1,300 27 Paid cash on accounts payable, $2,000. 31 Rent expense for January, S1,150 (reduce Prepaid Rent). 31 Depreciation for January: trucks, $500; equipment, $400. 31 Paid cash to local gas station for gasoline for trucks for January, $250. 31 Paid cash for wages, $1,100. 2,300 36,200 8,300 Accounts receivable Parts inventory Prepaid rent Trucks Equipment Accumulated depreciation, trucks Accumulated depreciation, equipment Accounts payable Paid-in capital Retained earnings $ 16,500 5,100 2,200 19,700 16,700 Print Done $ 60,200 $ Totals 60,200 Print Done Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not req January 2: Collected accounts receivable, $3,000. Accounts Debit Credit Jan 2 Requirement 2. Enter the January 1 balances in T-accounts, post the journal entries to the T-accounts, then calculate the ending balance for each T-account. (Abbreviation used: Depr. = Depreciation. If there are two transactions with the same date, enter the amounts in the same order as presented in the transaction list.) Cash Accumulated Depr., Equipment Depreciation Expense, Equipment Bal Bal Bal Bal Ba Bal Accounts Receivable Accounts Payable Depreciation Expense, Trucks Bal Bal Bal Bal Bal Bal Parts Inventory Paid-in Capital Gasoline Expense Bal Bal Bal Bal Bal Bal Prepaid Rent Retained Earnings Legal Expense Bal Bal Bal Bal Bal Bal Trucks Labor Revenue Rent Expense Bal Bal Bal Bal Bal Bal Equipment Parts Revenue Repairs Expense Bal Bal Bal Bal Bal Bal Accumulated Depr., Trucks Cost of Parts Sold Wages Expense Bal Bal Bal Bal Bal Bal Requirement 3. Prepare a trial balance for the month ended January 31, 20X0. Balakrishnan Auto Glass, Inc. Trial Balance January 31, 20x0 Totals Requirement 4. Prepare closing entries. Prepare the journal entry to close the revenue account(s). Accounts Debit Credit C1 Prepare the journal entry to close the expense account(s). Accounts Debit Credit C2 Prepare the journal entry to close income summary Accounts Debit Credit C3