Question
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 Cash: $ 8,000 Debit Accounts Receivable: 15,000Debit Supplies:13,000Debit Prepaid Rent:3,000Debit Equipment:21,000Debit Accounts Payable:$19,000 Credit Common Stock:30,000$19,000 Credit Retained Earnings:11,000$19,000 Credit Total: $60,000 Summarized transactions for January 2014 were as follows. 1.Advertising costs, paid in cash, $1,000. 2.Additional supplies acquired on account $4,000. 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 $15,000. 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 $2,000. Post the journal entries to the accounts in the ledger.
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