Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

p Amalie and post trucions and rea Irlal balance P A (LO 1, 2, 3, 4) Tom Zopf owns and trial balance on December 31,

image text in transcribed
p Amalie and post trucions and rea Irlal balance P A (LO 1, 2, 3, 4) Tom Zopf owns and trial balance on December 31, 2019 (the end of its fiscal year). repair service which had the following Credit Tablette Repair Service, Inc. Trial Balance December 31, 2019 Debit Cash $ 8.000 Accounts Receivable 15.000 Supplies 11.000 Prepaid Rent 3.000 Equipment 21.000 Accounts Payable Common Stock Retained Earnings 558,000 $17.000 30,000 11,000 558,000 summarized transactions for January 2020 w as folle 1. Advertising costs, paid in cash, $1,000. 2. Additional supplies acquired on account $3.600 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 $14,400. 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 $1,600. Instructions a. Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2020. b. Prepare journal entries to record each of the January transactions. (Omit explanations.) c. Post the journal entries to the accounts in the ledger (Add accounts as needed.) d. Prepare a trial balance as of January 31, 2020. chosen alance totals $61,200 Wrner

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Guidelines For Auditing Process Safety Management Systems

Authors: CCPS Center For Chemical Process Safety

2nd Edition

0470282355, 978-0470282359

More Books

Students also viewed these Accounting questions