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
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).
Debit | Credit | |
---|---|---|
Cash | 8,176 | |
Accounts Receivable | 14,789 | |
Supplies | 12,363 | |
Prepaid Rent | 1,173 | |
Equipment | 20,230 | |
Accounts Payable | 14,307 | |
Common Stock | 31,737 | |
Retained Earnings | 10,687 | |
56,731 | 56,731 |
Summarized transactions for January 2014 were as follows...
1 | Advertising costs, paid in cash, $1,037. |
2 | Additional supplies acquired on account $3,494. |
3 | Miscellaneous expenses, paid in cash, $1,717. |
4 | Cash collected from customers in payment of accounts receivable $12,435. |
5 | Cash paid to creditors for accounts payable due $12,847. |
6 | Repair services performed during January: for cash $6,224; on account $9,159. |
7 | Wages for January, paid in cash, $2,372. |
8 | Dividends during January were $2,666. |
Please help me open T-accounts for each of the accounts listed in the trial balance and enter the opening balance for 2014, prepare journal entries to record each of the January transactions, post the journal entries to the ledger account (please be specific which side the Balance goes), and prepare a trial balance as of January 21, 2014....
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