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, 2019 (the end of its fiscal year).
Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2019 (the end of its fiscal year).
Skysong, Inc. Trial balance December 31, 2019 | ||||
Debit | Credit | |||
Cash | $ 8,100 | |||
Accounts Receivable | 14,900 | |||
Supplies | 13,100 | |||
Prepaid Rent | 3,200 | |||
Equipment | 21,000 | |||
Accounts Payable | $19,000 | |||
Common Stock | 30,400 | |||
Retained Earnings |
| 10,900 | ||
$60,300 | $60,300 |
Summarized transactions for January 2020 were as follows.
1. | Advertising costs, paid in cash, $1,030. | |
2. | Additional supplies acquired on account $3,290. | |
3. | Miscellaneous expenses, paid in cash, $1,870. | |
4. | Cash collected from customers in payment of accounts receivable $12,000. | |
5. | Cash paid to creditors for accounts payable due $12,320. | |
6. | Repair services performed during January: for cash $6,700; on account $8,840. | |
7. | Wages for January, paid in cash, $2,380. | |
8. | Dividends during January were $2,550. |
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