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). Credit Pharoah Company Trial balance December 31, 2018 Debit Cash $7,000 Accounts Receivable 15,300 Supplies 13,200 Prepaid Rent 1,000 Equipment 19,200 Accounts Payable Common Stock Retained Earnings $55,700 $12,900 31,000 11,800 $55,700 Summarized transactions for January 2019 were as follows. 1. Advertising costs, paid in cash, $1,110. Additional supplies acquired on account $3,700. 2.

Answer 1

Journal	Debit	Credit
Advertising	1110
Cash		1110
(To Record payment of advertising Exp.)
Supplies	3700
Accounts Payables		3700
(To record purchase of supplies)
Misc. Exp.	1930
Cash		1930
(To Record Payment of Misc. Exp.)
Cash	12240
Accounts receivables		12240
(To record receipt from receivables)
Accounts Payables	12650
Cash		12650
(To record payment of accounts payables)
Repair Expense	14780
Cash		6120
Accounts Payables		8660
(To record expenses on repair)
Wages	2270
Cash		2270
(To record payment of wages)
Dividends	2670
Cash		2670
(To Record Payment of dividends)

Opening of T accounts:

Cash
Debit	Amount	Credit	Amount
Opening	7000
Accounts receivables
Debit	Amount	Credit	Amount
Opening	15300
Supplies
Debit	Amount	Credit	Amount
Opening	13200
Prepaid Rent
Debit	Amount	Credit	Amount
Opening	1000
Equipment
Debit	Amount	Credit	Amount
Opening	19200

Accounts Payables
Debit	Amount	Credit	Amount
		Balance	12900
Common Stock
Debit	Amount	Credit	Amount
		Balance	31000
Retained Earnings
Debit	Amount	Credit	Amount
		Balance	11800