Answered step by step
Verified Expert Solution
Link Copied!

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).

image text in transcribed

image text in transcribed

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). Pharoah Company Prepare a trial balance. December 31, 2018 Debit Credit Cash $7,000 Accounts Receivable 15.300 Supplies 13,200 Prepaid Rent 1,000 Equipment 19,200 Accounts Payable $12,900 Common Stock 31,000 Retained Earnings 11.800 $55,700 $55,700 Summarized transactions for January 2019 were as follows. 1. Advertising costs, paid in cash, $1,110. 2. Additional supplies acquired on account $3,700. 3. Miscellaneous expenses, paid in cash, $1,930. 4. Cash collected from customers in payment of accounts receivable $12,240. 5. Cash paid to creditors for accounts payable due $12,650. 6. Repair services performed during January: for cash $6,120; on account $8.660. 7. Wages for January, paid in cash, $2,270. 8. Dividends during January were $2,670. Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2019. Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Common Stock Retained Earnings

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Theory And Practice

Authors: Jerry R. Strawser, Robert H. Strawser

9th Edition

0873939336, 978-0873939331

More Books

Students also viewed these Accounting questions