3. Carter owns Electronics Service Centre, which had the following trial balance on December 31, 2019 Trial Balance December 31, 2019 Accounts Debit Credit Cash 6,050 Accounts Receivable 2,450 Carter's Capital Accounts Payable 14,100 3,425 Tools and Equipment 9,025 17,525 17,525 Summarized transactions for January 2016 were as follows i. Repair services performed during January: for cash $4,200; on account $1,200 ii. Rent Expenses for January, paid in cash, $1,500 ii. Carter's drawings during January were $2,500 iv. Additional tools &equipment purchased on account $4,000 V. Cash collected from customer on account $2,000 vi. Cash paid to supplier on account $2,500 Instructions: Prepare journal entries of the January transactions.
3. Carter owns Electronics Service Centre, which had the following trial balance on December 31, 2019 Trial Balance December 31, 2019 Accounts Debit Credit Cash 6,050 Accounts Receivable 2,450 Carter's Capital Accounts Payable 14,100 3,425 Tools and Equipment 9,025 17,525 17,525 Summarized transactions for January 2016 were as follows i. Repair services performed during January: for cash $4,200; on account $1,200 ii. Rent Expenses for January, paid in cash, $1,500 ii. Carter's drawings during January were $2,500 iv. Additional tools &equipment purchased on account $4,000 V. Cash collected from customer on account $2,000 vi. Cash paid to supplier on account $2,500 Instructions: Prepare journal entries of the January transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:3. Carter owns Electronics Service Centre, which had the following trial balance on December 31,
2019
Trial Balance December 31, 2019
Accounts
Debit
Credit
Cash
6,050
Accounts Receivable
2,450
Carter's Capital
Accounts Payable
14,100
3,425
Tools and Equipment
9,025
17,525
17,525
Summarized transactions for January 2016 were as follows
i.
Repair services performed during January: for cash $4,200; on account $1,200
ii.
Rent Expenses for January, paid in cash, $1,500
ii.
Carter's drawings during January were $2,500
iv.
Additional tools &equipment purchased on account $4,000
V.
Cash collected from customer on account $2,000
vi.
Cash paid to supplier on account $2,500
Instructions: Prepare journal entries of the January transactions.
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