Problem 2-3A Tom Zopf owns and manages a computer repair service, which had the

Question

Problem 2-3A Tom Zopf owns and manages a computer repair service, which had the following TABLETTE REPAIR SERVICE, INC. Trial Balance December 31, 2016 Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Common Stock Retained Earnings $8,000 15,000 11,000 3,000 21,000 $17,000 30,000 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. acy Policy2000-2018 John Wiley & Sons, Ins, All Rights Reserved. A Division of John Wiley & So

Explanation / Answer

Cash Bal 8000 Accounts receivable Bal 15000 Supplies Bal 11000 Prepaid rent Bal 3000 Equipment Bal 21000 Accounts payable Bal 17000 Common stock Bal 30000 Retained earnings Bal 11000

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