Brian Vian owns and manages a computer repair service, following trial is the balance on...
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Brian Vian owns and manages a computer repair service, following trial is the balance on December 31, 2016 (the end of its fiscal year) VIAN REPAIR SERVICE Trial Balance December 31, 2016 Debit Credit Cash Accounts Receivable 8,000 15,000 13,000 3,000 20,000 Supplies Prepaid Rent Equipment Accounts Payable Owner's Capital $19,000 40,000 $59,000 $59,000 Summarized transactions for January 2017 were as follows. 1. Advertising costs, paid in cash, $1,000. 2. Additional supplies acquired on account $4,200. 3. Miscellaneous expenses, paid in cash, $2,000 4. Cash collected from customers in payment of accounts receivable $14,000. 5. Cash paid to creditors for accounts payable due $15,000. 6. Repair services performed during January: for cash $6,000; on account $9,000. 7. Wages for January, paid in cash, $3,500. 8. Brian drawings during January were $3,000. Instructions: a) Prepare journal entries to record each of the January transactions. b) Post the journal entries to the accounts in the ledger. (Add accounts as needed.) c) Prepare a Statement of Financial Position as of January 31, 2017. d) Prepare a Statement of Financial Performance as of January 31, 2017
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