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).

Question 3 of 3 - / 60 View Policies Current Attempt in Progress 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) Concord Corporation Trial balance December 31, 2018 Debit Credit Cash $ 7,800 Accounts Receivable 15.500 Supplies 12.200 Prepaid Rent 2.100 Equipment 20,300 Accounts Payable $16.400 Common Stock 30,300 Retained Earnings 11.200 $57.900 $57.900 Summarized transactions for January 2019 were as follows. -W D G Search or type URL s 96 & 7 2 3 4 5 6 8 9 ИМ E R T Y U 0 Р S D F G Н. J K L X Х C V B N M.

a) open t-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2019.

b)

prepare journal entries to record each of the january transactions

c) post the journal entries to the accounts in the ledger

d) prepare a trial balance as of january 31, 2019

this is what i have so far

Answer 1

Requirement a The student has correctly entered all the beginning balances in the ledger. Requirement b The following journal entry needs to be rectified S.No. Accounts Titles and Explanations Debit Credit 6 Cash $ 6,990 Accounts Receivable $ 9,840 Service Revenue $ 16,830 (To record services provided for cash and on account) Remaining all journal entries are correctly entered by the student. Requirement c The following ledger accounts needs to be rectified Cash Bal. $ 7,800 1 4 $ 12,590 3 6 $ 6,990 5 7 8 Bal. $ 7,610 $ $ $ $ $ 1,090 1,830 12,280 2,050 2,520 $ $ 12,590 Bal. 6 Bal. $ $ $ Accounts Receivable 15,500 4 9,840 12,750 Bal. Supplies 12,200 3,610 15,810 $ $ $ 2 Bal.

5 $ Accounts Payable 12,280 Bal. 2 Bal. $ $ $ 16,400 3,610 7,730 Service Revenue 6 Bal. $ $ 16,830 16,830 Remaining all ledger entries are correctly entered by the student. $ Requirement d Trial Balance As on January 31, 2019 Debit Credit Cash $ 7,610 Accounts Receivable $ 12,750 Supplies $ 15,810 Prepaid Rent 2,100 Equipment $ 20,300 Accounts Payable 7,730 Common Stock 30,300 Retained Earnings 11,200 Dividends $ 2,520 Service Revenue $ 16,830 Advertising Expense 1,090 Miscellaneous Expense $ 1,830 Salaries and Wages Expense $ 2,050 Total $ 66,060 $ 66,060 $ $ $ $