Weygandt, Financial Accounting, 10e Tom Zopf owns and manages a computer repair

Question

Weygandt, Financial Accounting, 10e Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2018 (the end of its fiscal y Windsor, Inc. Trial balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Common Stock Retained Earnings 9,000 15,100 12,700 2,800 19,300 $16,500 31,000 11,400 58,900$58.900 Summarized transactions for January 2019 were as follows 1. 2. 3. 4. S. 6. Advertising costs, paid in cash, $1,120. Additional supplies acquired on account $4,150. Miscellaneous expenses, paid in cash, $2,020. Cash collected from customers in payment of accounts receivable $12,340. Cash paid to creditors for accounts payable due $12,840. Repair services performed during January: for cash $6,850; on account $8,540.

Explanation / Answer

Trial Balance Cash 7,250 Accounts receivable 11,300 Supplies 16,850 Prepaid Rent 2,800 Equipment 19,300 Accounts payable 7,810 Common stock 31,000 Retained earnings 11,400 Advertising expense 1120 Miscellaneous expense 2020 Service revenue 15,390 Salaries and wage expense 2,410 dividends 2,550 totals 65,600 65600 Rule assets = opening balance + debit - credit liabilities = opening balance+credit entry- debit

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.