Tom Zopf owns and manages a computer repair service
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). December 31, 2016 Trial Balance Debits Cash---$7300 7300 Accts Receivable-- 15,500 15500 Supplies--- $12,700 12700 Prepaid Rent---$2200 2200 Equipment-- $20,700 20700 Total: $58,400 Credits Accounts Payable-- $16,400 Common Stock--- $31,600 Retained Earnings--- $10,400 Total: $58,400 Summarized transactions for January 2017 were as follows. 1. Advertising costs, paid in cash, $1,080. 2. Additional supplies acquired on account $3,410. 3. Miscellaneous expenses, paid in cash, $1,980. 4. Cash collected from customers in payment of accounts receivable $12,400. 5. Cash paid to creditors for accounts payable due $12,910. 6. Repair services performed during January: for cash $6,620; on account $9,730. 7. Wages for January, paid in cash, $2,390. 8. Dividends during January were $2,540. Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017. Post the journal entries to the accounts in the ledger. (Post entries in the order of journal entries presented in the previous part.) Prepare a trial balance as of January 31, 2017.
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Posted 14 Dec 2019 06:12 PM
My Price 5.00
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file 1576349288-tom.xlsx preview (207 words )
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