Question
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).
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 | ||||
Debit | Credit | |||
Cash | $ 9,000 | |||
Accounts Receivable | 15,100 | |||
Supplies | 12,700 | |||
Prepaid Rent | 2,800 | |||
Equipment | 19,300 | |||
Accounts Payable | $16,500 | |||
Common Stock | 31,000 | |||
Retained Earnings |
| 11,400 | ||
$58,900 | $58,900 |
Summarized transactions for January 2017 were as follows.
1. | Advertising costs, paid in cash, $1,120. | |
2. | Additional supplies acquired on account $4,150. | |
3. | Miscellaneous expenses, paid in cash, $2,020. | |
4. | Cash collected from customers in payment of accounts receivable $12,340. | |
5. | Cash paid to creditors for accounts payable due $12,840. | |
6. | Repair services performed during January: for cash $6,850; on account $8,540. | |
7. | Wages for January, paid in cash, $2,410. | |
8. Dividends during January were $2,550
A: Post the journal entries to the accounts in the ledger. B: Prepare a trial balance as of January 31, 2017.
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