Tony Vian

logistic_guy

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Tony Vian\displaystyle \text{Tony Vian} owns and manages a computer repair service, which had the following trial balance on December 31,2016\displaystyle 31, 2016 (the end of its fiscal year).
Tony_Vian.png
Summarized transactions for January 2017\displaystyle 2017 were as follows.

1\displaystyle \bold{1} Advertising costs, paid in cash, $1,000\displaystyle \$ 1,000.
2\displaystyle \bold{2} Additional supplies acquired on account $4,200\displaystyle \$ 4,200.
3\displaystyle \bold{3} Miscellaneous expenses, paid in cash, $2,000\displaystyle \$ 2,000.
4\displaystyle \bold{4} Cash collected from customers in payment of accounts receivable $14,000\displaystyle \$ 14,000.
5\displaystyle \bold{5} Cash paid to creditors for accounts payable due $15,000\displaystyle \$ 15,000.
6\displaystyle \bold{6} Repair services performed during January: for cash $6,000\displaystyle \$ 6,000; on account $9,000\displaystyle \$ 9,000.
7\displaystyle \bold{7} Wages for January, paid in cash, $3,500\displaystyle \$ 3,500.
8\displaystyle \bold{8} Tony\displaystyle \text{Tony}’s drawings during January were $3,000\displaystyle \$ 3,000.

Instructions
(a)\displaystyle \bold{(a)} Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017\displaystyle 2017.
(b)\displaystyle \bold{(b)} Prepare journal entries to record each of the January transactions. (Omit explanations.)
(c)\displaystyle \bold{(c)} Post the journal entries to the accounts in the ledger. (Add accounts as needed.)
(d)\displaystyle \bold{(d)} Prepare a trial balance as of January 31,2017\displaystyle 31, 2017.
 
Tony Vian\displaystyle \text{Tony Vian} owns and manages a computer repair service, which had the following trial balance on December 31,2016\displaystyle 31, 2016 (the end of its fiscal year).
View attachment 39507
Summarized transactions for January 2017\displaystyle 2017 were as follows.

1\displaystyle \bold{1} Advertising costs, paid in cash, $1,000\displaystyle \$ 1,000.
2\displaystyle \bold{2} Additional supplies acquired on account $4,200\displaystyle \$ 4,200.
3\displaystyle \bold{3} Miscellaneous expenses, paid in cash, $2,000\displaystyle \$ 2,000.
4\displaystyle \bold{4} Cash collected from customers in payment of accounts receivable $14,000\displaystyle \$ 14,000.
5\displaystyle \bold{5} Cash paid to creditors for accounts payable due $15,000\displaystyle \$ 15,000.
6\displaystyle \bold{6} Repair services performed during January: for cash $6,000\displaystyle \$ 6,000; on account $9,000\displaystyle \$ 9,000.
7\displaystyle \bold{7} Wages for January, paid in cash, $3,500\displaystyle \$ 3,500.
8\displaystyle \bold{8} Tony\displaystyle \text{Tony}’s drawings during January were $3,000\displaystyle \$ 3,000.

Instructions
(a)\displaystyle \bold{(a)} Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017\displaystyle 2017.
(b)\displaystyle \bold{(b)} Prepare journal entries to record each of the January transactions. (Omit explanations.)
(c)\displaystyle \bold{(c)} Post the journal entries to the accounts in the ledger. (Add accounts as needed.)
(d)\displaystyle \bold{(d)} Prepare a trial balance as of January 31,2017\displaystyle 31, 2017.
Please show us what you have tried and exactly where you are stuck.

Please follow the rules of posting in this forum, as enunciated at:


Please share your work/thoughts about this problem
 
Please show us what you have tried and exactly where you are stuck.

Please follow the rules of posting in this forum, as enunciated at:


Please share your work/thoughts about this problem
Thank you Sir khan.

Cash​
Balance
8,000
1,000​
2,000​
14,000​
15,000​
6,000​
3,500​
3,000​
3,500
 
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Accounts Receivable​
Accounts Receivable
Balance
15,000
14,000​
9,000​
10,000
 
Supplies​
Supplies
Balance
13,000
4,200​
17,200
 
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Accounts Payable​
Accounts Payable
Balance
19,000
4,200
15,000
8,200
 
Service Revenue​
Debit
Credit
15,000\displaystyle \textcolor{green}{15,000}
End Balan $15,000\displaystyle \textcolor{white}{\text{End Balan} \ \$ 15,000}
End Balance $15,000\displaystyle \textcolor{purple}{\$ 15,000}
 
Last edited:
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