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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).
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 $ 8,000 Cash 15,000 Accounts Receivable Supplies 11,000 Prepaid Rent 3,000 Equipment 21,000 Accounts Payable $17,000 30,000 Common Stock Retained Earnings 11,000 $58,000 $58,000 Summarized transactions for January 2017 were as follows. Advertising costs, paid in cash, $1,000 Additional supplies acquired 1. on account $3,600 2. 3. Miscellaneous expenses, paid in cash, $1,700. Cash collected from customers in payment of accounts receivable $13,000 4. Cash paid to creditors for accounts payable due $14,400. Repair services performed during January: for cash $5,000; on account $9,000 5. 6. 7. Wages for January, paid in cash, $3,000. Dividends during January were $1,600. 8. Cash Bal. $8,000 Accounts Receivable Bal. $15,000 Supplies Bal. $11,000 Prepaid Rent Bal. $3,000 Equipment Bal. $21,000 Accounts Payable Bal. $3,600 Common Stock Bal. $30,000 Earnings Retaine Bal. $11,000 Prepare journal entries to record each of the January transactions. (Credit account titles are automatica required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit No. Account Titles and Explanation Credit x 1. Cash $8,000 2. Accounts Receivable $15,000 X 3. Supplies $11,000 4. Prepaid Rent $3,000 X X 5. Equipment $21,000 X 6. Accounts Payable $17,000 7. Common Stock $30,000 8
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