Problem 2-3A

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)Byte Repair Service, Inc. Trial Balance December 31, 2013 Debit Credit Cash $ 8,354 Accounts Receivable 15,828 Supplies 12,071 Prepaid Rent 2,403 Equipment 20,577 Accounts Payable $16,995 Common Stock 31,053 Retained Earnings 11,185 $59,233 $59,233 Summarized transactions for January 2014 were as follows. 1. Advertising costs, paid in cash, $1,149. 2. Additional supplies acquired on account $3,095. 3. Miscellaneous expenses, paid in cash, $1,603. 4. Cash collected from customers in payment of accounts receivable $12,751. 5. Cash paid to creditors for accounts payable due $12,960. 6. Repair services performed during January: for cash $6,319; on account $9,008. 7. Wages for January, paid in cash, $2,194. 8. Dividends during January were $2,501.

Link to Text Link to Text Link to Text Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2014.