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Mark Hockenberry owns and manages a computer repair service, which had the following trial balance on December 31, 2013 (the end of its fiscal year).
Mark Hockenberry owns and manages a computer repair service, which had the following trial balance on December 31, 2013 (the end of its fiscal year). Byte Repair Service, Inc. Trial Balance December 31, 2013 Debit Credit Cash $ 8,656 Accounts Receivable 14,399 Supplies 12,803 Prepaid Rent 1,147 Equipment 20,733 Accounts Payable $15,663 Common Stock 31,866 Retained Earnings 10,209 $57,738 $57,738 Summarized transactions for January 2014 were as follows. 1. Advertising costs, paid in cash, $1,071. 2. Additional supplies acquired on account $4,358. 3. Miscellaneous expenses, paid in cash, $2,185. 4. Cash collected from customers in payment of accounts receivable $12,160. 5. Cash paid to creditors for accounts payable due $12,567. 6. Repair services performed during January: for cash $6,850; on account $8,773. 7. Wages for January, paid in cash, $2,254. 8. Dividends during January were $2,504. Link to Text Link to Text Link to Text Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2014. Cash Bal. Bal. Accounts Receivable Bal. Bal. Supplies Bal. Bal. Prepaid Rent Bal. Bal. Equipment Bal. Bal. Accounts Payable Bal. Bal. Common Stock Bal. Bal. Retained Earnings Bal. Bal. Show List of Accounts Link to Text Link to Text Link to Text Prepare journal entries to record each of the January transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. 8. Show List of Accounts Link to Text Link to Text Link to Text Post the journal entries to the accounts in the ledger. (Post entries in the order displayed in Part 2.) Cash Bal. 8,656 12345678 12345678 12345678 12345678 12345678 12345678 12345678 12345678 12345678 Bal. Bal. Accounts Receivable Bal. 14,399 12345678 12345678 12345678 Bal. Bal. Supplies Bal. 12,803 12345678 12345678 12345678 Bal. Bal. Prepaid Rent Bal. 1,147 Equipment Bal. 20,733 Accounts Payable 12345678 Bal. 15,663 12345678 12345678 Bal. Bal. Common Stock Bal. 31,866 Dividends 12345678 12345678 Bal. Bal. Service Revenue 12345678 12345678 Bal. Bal. Advertising Expense 12345678 12345678 Bal. Bal. Miscellaneous Expense 12345678 12345678 Bal. Bal. Salaries and Wages Expense 12345678 12345678 Bal. Bal. Retained Earnings Bal. 10,209 Show List of Accounts Link to Text Link to Text Link to Text Prepare a trial balance as of January 31, 2014. BYTE REPAIR SERVICE, INC. Trial Balance January 31, 2014 Debit Credit $ $ $ $
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