Maurice Tutor

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Category > Accounting Posted 26 Sep 2017 My Price 7.00

Jay Cutler

Jay Cutler owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year).

MEGA REPAIR SERVICE
Trial Balance
December 31, 2011
   

Debit

  

Credit

Cash

  

$8,892

    

Accounts Receivable

  

15,458

    

Supplies

  

13,632

    

Prepaid Rent

  

1,843

    

Equipment

  

20,582

    

Accounts Payable

      

$18,834

Owner's Capital

      

41,573
   

$60,407

  

$60,407


Summarized transactions for January 2012 were as follows.

1.

  

Advertising costs, paid in cash, $1,175.

2.

  

Additional supplies acquired on account $4,456.

3.

  

Miscellaneous expenses, paid in cash, $2,044.

4.

  

Cash collected from customers in payment of accounts receivable $12,754.

5.

  

Cash paid to creditors for accounts payable due $12,989.

6.

  

Supplies used during January $3,836.

7.

  

Repair services performed during January: for cash $6,845; on account $9,816.

8.

  

Wages for January, paid in cash, $2,028.

9.

  

Jay’s drawings during January were $2,537.
 
 

 

 

 

 

 

 

 

(a)
 

 

 
 

Your answer is partially correct. Try again.
   

Open T accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2012.

Cash

Bal.

  

Bal.

  

Accounts Receivable

Bal.

  

Bal.

  

Supplies

Bal.

  

Bal.

  

Prepaid Rent

Bal.

  

Bal.

  

Equipment

Bal.

  

Bal.

  

Accounts Payable

Bal.

  

Bal.

  

Owner’s Capital

Bal.

  

Bal.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 10:09 PM My Price 7.00

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