70.2K

Verified Solution

Link Copied!

Problem 2-3A (Part Level Submission) 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) Marigold Corp. Trial balance December 31, 2018 Debit Credit Cash Accounts Recelvable Supplies Prepaid Rent Equipment Accounts Payable Common Stock Retained Earnings $ 8,000 16,000 13,000 4,000 19,800 $20,500 30,300 10,000 $60,800 $60,800 Summarized transactions for January 2019 were as follows. 1. Advertising costs, paid in cash, $1,140 2. Additional supplies acquired on account $3,320 3. Miscellaneous expenses, paid in cash, $1,630 4. Cash collected from customers in payment of accounts recelvable $12,990 5. Cash paid to creditors for accounts payable due $12,540 6. Repair services performed during January: for cash $6,660; on account $9,440 7. Wages for January, paid in cash, $2,350 8. Dividends during January were $2,540 5. Accounts Payable 12540 Cash 12540 6. Cash 6660 Accounts Recelvable 9440 Service revenue 16100 7. Salaries and Wages Expense 2350 Cash 2350 8. Dividends 2540 cash 2540 Prepare ournal entries to record each of the anuary transactions credit account titles are automatically dente when the amount is entered. Do not indent man ai rno entr s requ e see No tr forthe account tities and enter O for the amounts.) No. Account Titles and Explanation 1. Advertising Expense 1140 Cash 2 Supplies 3320 Accounts Payable 3. Miscellaneous Expense 1630 12990 Accounts Recelvable 5 Accounts Payable 125 6. Accounts Receivable Post the journal entries to the accounts in the ledger. (Post entries in the order of journal entries presented in the previous part.) Cash Bal. 8,000 Accounts Recelvable Bal. 16,000 Supplies Bal. 13,000 Advertising Expense Miscellaneous Expense Salaries and Wages Expense

Answer & Explanation Solved by verified expert

See Answer