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...

1) Open T-accounts for each of the accounts listed in the trial balance and enter the opening balance for 2014

2) Prepare journal entries to record each of the January transactions

3) Post the journal entries to the ledger account (please be specific which side the Balance goes)

4) Prepare a trial balance as of January 21, 2014

Be very detailed please and im greatly appreciative!!!

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 entries

T-Accounts

( For question first just use the opening balances from the following)

Cash a/c

A/c recievable

Supplies a/c

Prepaid expense

euipment

A/c payable

Common stock

Retained earnings

Advertising expense

Miscellanoeus expense

Repair revenue

Wages expense

Dividends

trial balance

Description Debit Credit Advertising expense $1,037 To Cash $1,037 Supplies $3,494 To A/c payable $3,494 Miscellaneous expense $1,717 To Cash $1,717 Cash $12,435 To A/c revievable $12,435 A/c payable $12,847 To Cash $12,847 Cash $6,224 A/c recievable $9,159 To Repair revenue $15,383 Wages expense $2372 To Cash $2372 Dividends $2666 To cash $2,666

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