Mark Hockenberry owns and manages a computer repair service, which had the follo

Question

Mark Hockenberry owns and manages a computer repair service, which had the following trial balance on December 31, 2013 (the end of its fiscal year).Mark Hockenberry owns and manages a computer repair service, which had the following trial balance on December 31, 2013 (the end of its fiscal year).

Summarized transactions for January 2014 were as follows...

Please help me open T-accounts for each of the accounts listed in the trial balance and enter the opening balance for 2014, prepare journal entries to record each of the January transactions, post the journal entries to the ledger account (please be specific which side the Balance goes), and prepare a trial balance as of January 21, 2014....

Debit Credit Cash 8,176 Accounts Receivable 14,789 Supplies 12,363 Prepaid Rent 1,173 Equipment 20,230 Accounts Payable 14,307 Common Stock 31,737 Retained Earnings 10,687 56,731 56,731

Explanation / Answer

Journal Entry

Particulars Debit Credit Advertising 1037 Cash 1037 Supplies 3494 Accounts Payable 3494 Miscellaneous expense 1717 Cash 1717 Cash 12435 Accounts Receivable 12435 Accounts Payable 12847 Cash 12847 Cash 6224 Accounts Receivable 9159 Revenue 15383 Wages 2372 Cash 2372 Retained Earnings 2666 Dividend payable 2666 Dividend payable 2666 Cash 2666

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