Question
Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017. Prepare journal entries to record each
Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017.
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 0 for the amounts.)
Post the journal entries to the accounts in the ledger. (Post entries in the order of journal entries presented in the previous part.)
Prepare a trial balance as of January 31, 2017.
Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2016 (the end of its fiscal year). TABLETTE REPAIR SERVICE, INC. Trial Balance December 31, 2016 7,300 Cash Accounts Receivable 15,500 Supplies 2,700 Prepaid Rent 2,200 Equipment 20,700 $16,400 Accounts Payable Common Stock 31,600 Retained Earnings 10,400 $58,400 $58,400 summarized transactions for January 2017 were as follows. 1. Advertising costs, paid in cash, $1,080 2. Additional supplies acquired on account $3,410. 3. Miscellaneous expenses, paid in cash, $1,980. r 4. Cash collected from customers in payment of accounts receivable $12,400. 5. Cash paid to creditors for accounts payable due $12,910 6. Repair services performed during January: for cash $6,620; on account $9,730. 7. Wages for January, paid in cash, $2,390. 8, Dividends during January were $2,540Step by Step Solution
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