Practice Problem 01 a-d (Part Level Submission) Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2019 (the end of its fiscal year). Novak Corp. Prepare a trial balance. December 31, 2019 Debit Credit Cash $ 7,500 Accounts Receivable 14,400 Supplies 12,300 Prepaid Rent 3,600 Equipment 20,700 Accounts Payable $15,900 Common Stock 31,100 Retained Earnings 11,500 $58,500 $58,500 Summarized transactions for January 2020 were as follows. 1. 2. 3. 4. Advertising costs, paid in cash, $1,020. Additional supplies acquired on account $4,360. Miscellaneous expenses, paid in cash, $2,190. Cash collected from customers in payment of accounts receivable $12,590. Cash paid to creditors for accounts payable due $12,250. Repair services performed during January: for cash $6,910; on account $8,660. Wages for January, paid in cash, $2,160. Dividends during January were $2,610. 5. 6. 7. 8. (a) - ZYour answer has been saved and sent for grading. See Gradebook for score details. Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2020. Cash Bal. 7,500 Accounts Receivable 14,400 Supplies Bal. Bal. Bal. 12,300 Prepaid Rent 3,600 Equipment 20,700 Accounts Payable Bal. Bal. 15,900 Common Stock Bal. 31,100 Retained Earnings e to search O 1: Bal. 31,100 Retained Earnings Bal. 11,500 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT (b) ZYour answer has been saved and sent for grading. See Gradebook for score details. Prepare journal entries to record each of the January transactions. (Credit account titles are autor required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1. Advertising Expense 1,020 Cash 1,020 2. Supplies 4,360 Accounts Payable 4,360 3. Miscellaneous Expense 2,190 to search P : 08:29 AM/Remaining: 64 min. Accounts Payable 4,360 3. Miscellaneous Expense 2,190 Cash 2,190 4. Cash 12,590 Accounts Receivable 12,590 5. Accounts Payable 12,250 Cash 12,250 6. Service Revenue 6,910 Accounts Payable 8,660 Cash 15570 7. Salaries and Wages Expense 2,160 Cash 2,160 8. Dividends 2,610 Cash 2,610 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT search IN Time 08:29 AM / Remaining: 63 min. Post the journal entries to the accounts in the ledger (Post entries in the order of journal entries presented in the previous part.) CALCULA Cash Bal 7,5001 1,020 4 12,5903 2,190 8,6605 12,250 7 2,160 2,610 28750 Accounts Receivable 20230 Bal. 14,400 4 12,590 6 8,660 Supplies Bal 12,300 4,360 Prepaid Rent Bal Prepaid Rent 3,600 Equipment 20,700 Accounts Payable Bal. Bal. 15,900 > Advertising Expense
