Problem 2-3A (Part Level Submission) Metlock, Inc. Trial balance December 31, 20
ID: 2597403 • Letter: P
Question
Problem 2-3A (Part Level Submission)
Metlock, Inc.
Trial balance
December 31, 2018
Debit
Credit
Cash
$ 9,000
Accounts Receivable
15,100
Supplies
13,400
Prepaid Rent
2,500
Equipment
19,100
Accounts Payable
$16,900
Common Stock
Retained Earnings
11,400
$59,100
$59,100
Dividends during January were $2,700
(a)
Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2019.
Cash
Accounts Receivable
Supplies
Prepaid Rent
Equipment
Accounts Payable
Common Stock
Retained Earnings
Problem 2-3A (Part Level Submission)
Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2018 (the end of its fiscal year).Metlock, Inc.
Trial balance
December 31, 2018
Debit
Credit
Cash
$ 9,000
Accounts Receivable
15,100
Supplies
13,400
Prepaid Rent
2,500
Equipment
19,100
Accounts Payable
$16,900
Common Stock
30,800Retained Earnings
11,400
$59,100
$59,100
Summarized transactions for January 2019 were as follows.
1. Advertising costs, paid in cash, $1,110. 2. Additional supplies acquired on account $3,160. 3. Miscellaneous expenses, paid in cash, $1,980. 4. Cash collected from customers in payment of accounts receivable $12,920. 5. Cash paid to creditors for accounts payable due $12,840. 6. Repair services performed during January: for cash $6,260; on account $8,930. 7. Wages for January, paid in cash, $2,400. 8.
Dividends during January were $2,700
Explanation / Answer
Cash To Balane b/d $9,000 By Advertising $1,110 Accounts Receivable 12,920.00 Miscellaneous Expenses 1,980.00 Repairs 6,260.00 Accounts Payable 12,840.00 Wages 2,400.00 Divident 2,700.00 Balance c/d 7,150.00 $28,180 $28,180 Accounts Receivable To Balane b/d $15,100 By Cash $12,920 Repairs 8,930.00 Balance c/d 11,110.00 $24,030 $24,030 Supplies To Balane b/d $13,400 By Balance c/d $16,560 Accounts Payable 3,160.00 $16,560 $16,560 Prepaid Rent To Balane b/d $2,500 By Balance c/d $2,500 $2,500 $2,500 Equipment To Balane b/d $19,100 By Balance c/d $19,100 $19,100 $19,100 Accounts Payable To Cash $12,840 By Balance b/d $16,900 Balance c/d 7,220.00 Supplies 3,160.00 $20,060 $20,060 Common Stock To Balance c/d $30,800 By Balance b/d $30,800 $30,800 $30,800 Retained Earnings To Divident Payable $2,700 By Balance b/d $11,400 Balance c/d 8,700.00 $11,400 $11,400
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