Reference no: EM132385778
Question
Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2019 (the end of its fiscal year).
Monty Corp.
Trial balance
December 31, 2019
Debit Credit
Cash $ 7,300
Accounts Receivable 15,800
Supplies 13,100
Prepaid Rent 2,600
Equipment 19,500
Accounts Payable $17,000
Common Stock 30,000 Retained Earnings 11,300 Total $58,300 $58,300
Summarized transactions for January 2020 were as follows.
1. Advertising costs, paid in cash, $1,050.
2. Additional supplies acquired on account $4,240.
3. Miscellaneous expenses, paid in cash, $1,620.
4. Cash collected from customers in payment of accounts receivable $12,700.
5. Cash paid to creditors for accounts payable due $12,180.
6. Repair services performed during January: for cash $6,410; on account $9,060.
7. Wages for January, paid in cash, $2,000.
8. Dividends during January were $2,670.
Prepare journal entries to record each of the January transactions.
Post the journal entries to the accounts in the ledger.
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