Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2018 (the end of its fiscal year).
Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2018 (the end of its fiscal year). Credit Pharoah Company Trial balance December 31, 2018 Debit Cash $7,000 Accounts Receivable 15,300 Supplies 13,200 Prepaid Rent 1,000 Equipment 19,200 Accounts Payable Common Stock Retained Earnings $55,700 $12,900 31,000 11,800 $55,700 Summarized transactions for January 2019 were as follows. 1. Advertising costs, paid in cash, $1,110. Additional supplies acquired on account $3,700. 2. 3. 4. 5. Miscellaneous expenses, paid in cash, $1,930. Cash collected from customers in payment of accounts receivable $12,240. Cash paid to creditors for accounts payable due $12,650. Repair services performed during January: for cash $6,120; on account $8,660. Wages for January, paid in cash, $2,270. Dividends during January were $2,670. 6. 7. 8. Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2019. Cash Bal. Bal. Accounts Receivable Bal. Bal. Supplies Bal. Bal. Prepaid Rent Bal. Bal. Equipment Bal. Bal. Accounts Payable Bal. Bal. Common Stock Bal. Bal. Retained Earnings Bal. Bal. amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. 8. Cash Bal. 7,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started