Jay Cutler owns and manages a computer repair service, which had


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Jay Cutler owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year). MEGA REPAIR SERVICE Trial Balance December 31, 2011 Debit Credit Cash $ 8,892 Accounts Receivable 15,458 Supplies 13,632 Prepaid Rent 1,843 Equipment 20,582 Accounts Payable $18,834 Owner’s Capital 41,573 $60,407 $60,407 Summarized transactions for January 2012 were as follows. 1. Advertising costs, paid in cash, $1,175. 2. Additional supplies acquired on account $4,456. 3. Miscellaneous expenses, paid in cash, $2,044. 4. Cash collected from customers in payment of accounts receivable $12,754. 5. Cash paid to creditors for accounts payable due $12,989. 6. Supplies used during January $3,836. 7. Repair services performed during January: for cash $6,845; on account $9,816. 8. Wages for January, paid in cash, $2,028. 9. Jay’s drawings during January were $2,537. (a) Your answer is partially correct. Try again. Open T accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2012. Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Owner’s Capital dubsg1
posted a question · May 31, 2014 at 8:40pm

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