Question

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). Sheridan Company Prepare a trial balance. December 31, 2018 Debit Credit Cash $ 8.400 Accounts Receivable 15,600 Supplies 13.100 Prepaid Rent 4,000 Equipment 19,800 Accounts Payable $19,400 Common Stock 30.000 Retained Earnings 11,500 $60,900 $60,900 Summarized transactions for January 2019 were as follows. 1. Advertising costs, paid in cash, $1,100. 2. Additional supplies acquired on account $3,510. 3. Miscellaneous expenses, paid in cash, $1,720. 4. Cash collected from customers in payment of accounts receivable $12,660. 5. Cash paid to creditors for accounts payable due $12,600. 6. Repair services performed during January: for cash $6,350; on account $9,250. 7. Wages for January, paid in cash, $2.010. 8. Dividends during January were $2,700.

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

Answer 2 No. Debit Credit 1100 1100 3510 3510 1720 1720 12660 12660 Account Title and Explanation 1 Advertising expense Cash 2 Supplies Account Payable 3 Miscellaneous expense Cash 4 Cash Account receivable 5 Account Payable Cash 6 Cash Account receivable Service revenue 7 Salaries and wages expense Cash 8 Dividend Dividend Payable 12600 Om in 12600 6350 9250 15600 2010 2010 2700 2700 21 Note 22 for entry number 8, we can also debite retained earnings in place of dividend account. 23 For any help please comment in the comment boox