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4. Sean Browne owns and manages a computer repair service, which had the following trial balance on December 31, 2016 (the end of its fiscal year). BYTE REPAIR SERVICE, LTD. Trial Balance December 31, 2016 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Share Capital Ordinary Retained Earnings E8,000 16,000 13.000 3,000 24,000 419,000 33,000 12.000 £64,00 £64,000 Summarized transactions for January 2017 were as follows. 1. Advertising costs, paid in cash, £1,000. Additional supplies acquired on account £4,000. 2. 3. Miscellaneous expenses, paid in cash, £1,100. 4. Cash collected from customers in payment of accounts receivable £13,000. 5. Cash paid to creditors for accounts payable due £15,000. 6. Repair services performed during January: for cash £5,000; on account £9,000. 7. Wages for January, paid in cash, £3,000. 8. Dividends during January were £2,000. Instructions (a) Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017. (b) Prepare journal entries to record each of the January transactions. (c) Post the journal entries to the accounts in the ledger. (d) Prepare a trial balance as of January 31, 2017.

4. Sean Browne owns and manages a computer repair service, which had the following trial balance on December 31, 2016 (the end of its fiscal year). BYTE REPAIR SERVICE, LTD. Trial Balance December 31, 2016 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Share Capital Ordinary Retained Earnings E8,000 16,000 13.000 3,000 24,000 419,000 33,000 12.000 £64,00 £64,000 Summarized transactions for January 2017 were as follows. 1. Advertising costs, paid in cash, £1,000. Additional supplies acquired on account £4,000. 2. 3. Miscellaneous expenses, paid in cash, £1,100. 4. Cash collected from customers in payment of accounts receivable £13,000. 5. Cash paid to creditors for accounts payable due £15,000. 6. Repair services performed during January: for cash £5,000; on account £9,000. 7. Wages for January, paid in cash, £3,000. 8. Dividends during January were £2,000. Instructions (a) Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017. (b) Prepare journal entries to record each of the January transactions. (c) Post the journal entries to the accounts in the ledger. (d) Prepare a trial balance as of January 31, 2017.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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11:42 O N! l 62%i 4. Sean Browne owns and manages a computer repair service, which had the following trial balance on December 31, 2016 (the end of its fiscal year). BYTE REPAIR SERVICE, LTD. Trial Balance December 31, 2016 Cash Accounts Receivable £ 8,000 16,000 13,000 3,000 24,000 Supplies Prepaid Rent Equipment Accounts Payable Share Capital-Ordinary Retained Earnings £19,000 33,000 12.000 £64,00 £64,000 Summarized transactions for January 2017 were as follows. Advertising costs, paid in cash, £1,000. Additional supplies acquired on account £4,000. Miscellaneous expenses, paid in cash, £1,100. Cash collected from customers in payment of accounts receivable £13,000. 1. 2. 3. 4. 5. Cash paid to creditors for accounts payable due £15,000. Repair services performed during January: for cash £5,000; on account £9,000. Wages for January, paid in cash, £3,000. Dividends during January were £2,000. Instructions 6. 7. 8. (a) Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017. (b) Prepare journal entries to record each of the January transactions. (c) Post the journal entries to the accounts in the ledger. (d) Prepare a trial balance as of January 31, 2017. 5. Judi Dench is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1Shareholders invested £40,000 cash in exchange for ordinary shares. 1 Hired a secretary-receptionist at a salary of £600 per week payable monthly. 2 Paid office rent for the month £1,400. 3 Purchased dental supplies on account from Halo Company £5,200. 10 Performed dental services and billed insurance companies £6,600. 11 Received £1,000 cash advance from Rich Welk for an implant. 20 Received £2,100 cash for services performed for Phil Stueben. 30 Paid secretary-receptionist for the month £2,400. 30 Paid £1,900 to Halo Company for accounts payable due. Judi uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Share Capital-Ordinary, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Instructions >> (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on April 30, 2017. II
Transcribed Image Text:11:42 O N! l 62%i 4. Sean Browne owns and manages a computer repair service, which had the following trial balance on December 31, 2016 (the end of its fiscal year). BYTE REPAIR SERVICE, LTD. Trial Balance December 31, 2016 Cash Accounts Receivable £ 8,000 16,000 13,000 3,000 24,000 Supplies Prepaid Rent Equipment Accounts Payable Share Capital-Ordinary Retained Earnings £19,000 33,000 12.000 £64,00 £64,000 Summarized transactions for January 2017 were as follows. Advertising costs, paid in cash, £1,000. Additional supplies acquired on account £4,000. Miscellaneous expenses, paid in cash, £1,100. Cash collected from customers in payment of accounts receivable £13,000. 1. 2. 3. 4. 5. Cash paid to creditors for accounts payable due £15,000. Repair services performed during January: for cash £5,000; on account £9,000. Wages for January, paid in cash, £3,000. Dividends during January were £2,000. Instructions 6. 7. 8. (a) Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2017. (b) Prepare journal entries to record each of the January transactions. (c) Post the journal entries to the accounts in the ledger. (d) Prepare a trial balance as of January 31, 2017. 5. Judi Dench is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1Shareholders invested £40,000 cash in exchange for ordinary shares. 1 Hired a secretary-receptionist at a salary of £600 per week payable monthly. 2 Paid office rent for the month £1,400. 3 Purchased dental supplies on account from Halo Company £5,200. 10 Performed dental services and billed insurance companies £6,600. 11 Received £1,000 cash advance from Rich Welk for an implant. 20 Received £2,100 cash for services performed for Phil Stueben. 30 Paid secretary-receptionist for the month £2,400. 30 Paid £1,900 to Halo Company for accounts payable due. Judi uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Share Capital-Ordinary, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Instructions >> (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on April 30, 2017. II
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