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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).TABLETTE REPAIR SERVICE, INC.Trial BalanceDecember 31, 2016 Debit CreditCash $ 7,900 Accounts Receivable 15,700 Supplies 12,500 Prepaid Rent 3,200 Equipment 20,300 Accounts Payable $19,000Common Stock 30,100Retained Earnings 10,500$59,600 $59,600Summarized transactions for January 2017 were as follows:1. Advertising costs, paid in cash, $1,1702. Additional supplies acquired on account $3,6703. Miscellaneous expenses, paid in cash, $1,7904. Cash collected from customers in payment of accounts receivable $12,1605. Cash paid to creditors for accounts payable due $12,2406. Repair services performed during January: for cash $6,870; on account $8,6707. Wages for January, paid in cash, $2,2308. Dividends during January were $2,690Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017.

User Houcheng
by
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1 Answer

4 votes

Answer:

Cash

debit credit

beg. bal. 7,900

1. 1,170

3. 1,790

4. 12,160

5. 12,240

6. 6,870

7. 2,230

8. 2,690

end. bal. 6,810

Accounts receivable

debit credit

beg. bal. 15,700

4. 12,160

6. 8,670

end. bal. 12,210

Supplies

debit credit

beg. bal. 12,500

2. 3,670

end. bal. 16,170

Prepaid Rent

debit credit

beg. bal. 3,200

Equipment

debit credit

beg. bal. 20,300

Accounts Payable

debit credit

beg. bal. 19,000

2. 3,670

5. 12,240

end. bal. 10,430

Common Stock

debit credit

beg. bal. 30,100

Retained Earnings

debit credit

beg. bal. 10,500

Service revenue

debit credit

beg. bal. 0

6. 15,540

Advertising expenses

debit credit

beg. bal. 0

1. 1,170

Miscellaneous expenses

debit credit

beg. bal. 0

3. 1,790

Wages expenses

debit credit

beg. bal. 0

7. 2,230

Dividends expenses

debit credit

beg. bal. 0

8. 2,690

User Finks
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