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What would be the ending balance (the red boxes)? Tom Zopf owns and manages a computer repair service, which had the following trial balance on
What would be the ending balance (the red boxes)?
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). Monty Corp. Trial balance December 31, 2018 Credit Debit $ 7,300 Cash Accounts Receivable 15,800 Supplies 13,100 Prepaid Rent 2,600 Equipment 19,500 Accounts Payable $17,000 Common Stock 30,000 Retained Earnings 11,300 $58,300 $58,300 Summarized transactions for January 2019 were as follows. Advertising costs, paid in cash, $1,050. 1. Additional supplies acquired on account $4,240. 2. Miscellaneous expenses, paid in cash, $1,620. 3. Cash collected from customers in payment of accounts receivable $12,700. 4. Cash paid to creditors for accounts payable due $12,180. 5. Repair services performed during January: for cash $6,410; on account $9,060. 6. Wages for January, paid in cash, $2,000. 7. 8. Dividends during January were $2,670. Post the journal entries to the accounts in the ledger. (Post entries in the order of journa Cash Bal. 7,300 1 1050 4 12700 3. 1620 6410 6. 12180 2000 2670 8. Bal. V 6890 Accounts Receivable 15,800|| 4 Bal. 12700 6. 9060 |> ! 00000 Supplies 13,100 Bal. 4240 Prepaid Rent Bal. 2,600 Equipment Bal. 19,500 Accounts Payable 17,000 12180 Bal. 4240 Bal. V 9060 Common Stock Bal. 30,000 Retained Earnings Bal. 11,300 Dividends 2670 2670 Bal. V Service Revenue 6. 15470 15470 Bal. Advertising Expense 1050 1050 Bal. V Miscellaneous Expense 3 1620 Bal. V 1620 Salaries and Wages Expense 2000Step by Step Solution
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