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Need help with parts marked red in part C only, I attached the other parts for context Tom Zopf owns and manages a computer repair
Need help with parts marked red in part C only, I attached the other parts for context
Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2021 (the end of its fiscal year) Larkspur, Inc. Trial Balance December 31, 2021 Debit Credit Cash $ 8,500 Accounts Receivable 15,400 Supplies 12,200 2,100 Prepaid Rent Equipment 20,700 Accounts Payable $ 17,200 Common Stock 31,300 Retained Earnings 10,400 $ 58,900 $ 58,900 Summarized transactions for January 2022 were as follows. 1. 2. 3. Advertising costs, paid in cash, $ 1.180. Additional supplies acquired on account $3,830. Miscellaneous expenses, paid in cash, $ 1,520. Cash collected from customers in payment of accounts receivable $ 12,130. Cash paid to creditors for accounts payable due $ 12,590. Repair services performed during January: for cash $ 6,970; on account $ 8.820. 4. 5. 6. 7. Wages for January, paid in cash, $ 2,320. 8. Dividends during January were $ 2,610. Prepare journal entries to record each of the January transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. Advertising Expense 1,180 Cash 1,180 2. Supplies 3,830 Accounts Payable 3,830 3. Miscellaneous Expense 1,520 Cash 1,520 4. Cash 12,130 Accounts Receivable 12,130 5. Accounts Payable 12,590 Cash 12,590 6. Accounts Receivable 8,820 Cash 6,970 Service Revenue 15,790 7. Salaries and Wages Expense 2,320 Cash 2,320 8. Dividends 2,610 Cash 2,610 (c) Your answer is partially correct. Post the journal entries to the accounts in the ledger. (Post entries in the order of journal entries presented in the previous part.) Cash Bal. 8,500 1180 4 6970 5Step by Step Solution
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