Problem P2-3A: Please help, I will rate you LifeSaver Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31,2010 (the end of its fiscal year) BYTE REPAIR SERVICE, INC Trial Balance December 31, 2010 Cash $8,000 Accounts Receivable $15,000 Parts Inventory $13,000 Prepaid Rent $3,000 Shop Equipment $21,000 Accounts Payable $19,000 Common Stock $30,000 Retained Earnings $11,000 Totals $60,000 $60,000 Summarized transactions for January 2011 were as follows:

1. Advertising costs, paid in cash, $1,000 2. Additional repair parts inventory acquired on account $4,000 3. Miscellaneous expenses, paid in cash, $2,000 4. Cash collected from customers in payment of accounts receivable $14,000 5. Cash paid to creditors for accounts payable due $15,000 6. Repair parts used during January $4,000 (Hint: Debit this to Repair Parts Expense) 7. Repair services performed during January: for cash $6,000; on account $9,000) 8. Wages for January, paid in cash, $3,000 9. Dividends during January were $3,000 Instructions: a) Open T account for each of the accounts listed in the trial balance, and enter the opening balance for 2011 b) Prepare journal entries to record each of the January transactions (omits explanations) c) Post the journal entries to the accounts in the ledger (Add account needed) d) Prepare a trial balance as of January 31, 2011 I have the answer at the end of the book: Trial balance totals $64,000