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Burleson Auto Glass, Inc., had the accompanying balance sheet values on January 1, 20X0: E: (Click the icon to view the balance sheet values.) X
Burleson Auto Glass, Inc., had the accompanying balance sheet values on January 1, 20X0: E: (Click the icon to view the balance sheet values.) X Data Table Requirements 1. Record the transactions 2. Enter the January 1 balar 3. Prepare a trial balance fol 4. Prepare closing entries. During January, the following summarized transactions occurred: (Click the icon to view the summarized transactions.) Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) January 2: Collected accounts receivable, $3,000. Burleson Auto Glass, Inc. Balance Sheet Accounts, January 1, 20X0 Cash $ 7,800 3,300 Accounts Debit Credit Jan 2 1,700 2.500 Accounts receivable Parts inventory Prepaid rent Trucks Equipment Accumulated depreciation, trucks Accumulated depreciation, equipment 36,300 7,600 $ 14,400 January 3: Rendered services to customers for cash, $4,550 (S850 collected for parts, $3,700 for labor). Use two accounts, Parts Revenue and Labor Revenue. 4,800 Accounts Debit Credit Accounts payable 2.200 Jan 3 Paid-in capital 20,200 17,600 Retained earnings $ 59,200 $ 59,200 Totals January 3: Cost of parts used for services rendered, $350. Print Done Choose from any list or enter any number in the innut fields and then continue to the next question i - X More Info January 2 Collected accounts receivable, $3,000. 3 Rendered services to customers for cash, $4,550 ($850 collected for parts, $3,700 for labor). Use two accounts, Parts Revenue and Labor Revenue. 3 Cost of parts used for services rendered, $350. 7 Paid legal expenses, $700 cash. 9 Acquired parts on open account, $800. 11 Paid cash for wages, $900. 13 Paid cash for truck repairs, $450. 19 Billed customer for services, $3,950 ($950 for parts and $3,000 for labor). 19 Cost of parts used for services rendered, $500. 24 Paid cash for wages, $1,300. 27 Paid cash on accounts payable, $1,900. 31 Rent expense for January, $1,250 (reduce Prepaid Rent). 31 Depreciation for January: trucks, $800; equipment, $200. 31 Paid cash to local gas station for gasoline for trucks for January, $200. 31 Paid cash for wages, $600. Print Done January 3: Cost of parts used for services rendered, $350. Accounts Debit Credit Jan 3 January 7: Paid legal expenses, $700 cash. Accounts Debit Credit Jan 7 January 9: Acquired parts on open account, $800. Accounts Debit Credit Jan 9 January 11: Paid cash for wages, $900. Accounts Debit Credit Jan 11 January 13: Paid cash for truck repairs, $450. Accounts Debit Credit Jan 13 January 19: Billed customer for services, $3,950 ($950 for parts and $3,000 for labor). Accounts Debit Credit Jan 19 January 19: Cost of parts used for services rendered, $500. Accounts Debit Credit Jan 19 January 24: Paid cash for wages, $1,300. Accounts Debit Credit Jan 24 January 27: Paid cash on accounts payable, $1,900. Accounts Debit Credit Jan 27 January 31: Rent expense for January, $1,250 (reduce Prepaid Rent). Accounts Debit Credit Jan 31 January 31: Depreciation for January: trucks, $800, equipment, $200. Prepare one entry. Accounts Debit Credit Jan 31 January 31: Paid cash to local gas station for gasoline for trucks for January, $200. Accounts Debit Credit Jan 31 January 31: Paid cash for wages, $600. Accounts Debit Credit Jan 31 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 Bal 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. Burleson 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
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