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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).
TABLETTE REPAIR SERVICE, INC. Trial Balance December 31, 2016 | ||||
Debit | Credit | |||
Cash | $ 8,000 | |||
Accounts Receivable | 15,000 | |||
Supplies | 11,000 | |||
Prepaid Rent | 3,000 | |||
Equipment | 21,000 | |||
Accounts Payable | $17,000 | |||
Common Stock | 30,000 | |||
Retained Earnings |
| 11,000 | ||
$58,000 | $58,000 |
Summarized transactions for January 2017 were as follows.
1. | Advertising costs, paid in cash, $1,000. | |
2. | Additional supplies acquired on account $3,600. | |
3. | Miscellaneous expenses, paid in cash, $1,700. | |
4. | Cash collected from customers in payment of accounts receivable $13,000. | |
5. | Cash paid to creditors for accounts payable due $14,400. | |
6. | Repair services performed during January: for cash $5,000; on account $9,000. | |
7. | Wages for January, paid in cash, $3,000. | |
8. | Dividends during January were $1,600.
|
Post the journal entries to the accounts in the ledger.
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