Dividends during January were $2,700. Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2022. \ table[[Cash], [Accounts Receivable,], [Supplies], [], [, Prepaid Rent], [], [ Equipment. 11

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tom Zopf owns and manages a computer repair service, which had the
following trial balance on December 31, 2021 (the end of its fiscal year). \
table[[\table[[Sheridan Company], [Trial Balance], [December 31, 2021]]], [,
Debit,Credit], [Cash, $8,400, ], [Accounts Receivable, 15, 600, ], [Supplies
, 13, 100, ], [Prepaid Rent, 4, 000, ], [Equipment, 19, 800, ], [Accounts Payable,,$
19,400 Summarized transactions for January 2022 were as follows. Advertising
costs, paid in cash, $1,100. Additional supplies acquired on account $3,510.
Miscellaneous expenses, paid in cash, $1,720. Cash collected from customers
in payment of accounts receivable $12,660. Cash paid to creditors for
accounts payable due $12,600. Repair services performed during January: for
cash $6,350; on account $9, 250. Wages for January, paid in cash, $2,010.
Dividends during January were $2,700. Open T-accounts for each of the
accounts listed in the trial balance, and enter the opening balances for 2022. \
table [[Cash], [Accounts Receivable,], [Supplies], [, ], [ Prepaid Rent], [, ], [
Equipment, ]]
Transcribed Image Text:Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2021 (the end of its fiscal year). \ table[[\table[[Sheridan Company], [Trial Balance], [December 31, 2021]]], [, Debit,Credit], [Cash, $8,400, ], [Accounts Receivable, 15, 600, ], [Supplies , 13, 100, ], [Prepaid Rent, 4, 000, ], [Equipment, 19, 800, ], [Accounts Payable,,$ 19,400 Summarized transactions for January 2022 were as follows. Advertising costs, paid in cash, $1,100. Additional supplies acquired on account $3,510. Miscellaneous expenses, paid in cash, $1,720. Cash collected from customers in payment of accounts receivable $12,660. Cash paid to creditors for accounts payable due $12,600. Repair services performed during January: for cash $6,350; on account $9, 250. Wages for January, paid in cash, $2,010. Dividends during January were $2,700. Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2022. \ table [[Cash], [Accounts Receivable,], [Supplies], [, ], [ Prepaid Rent], [, ], [ Equipment, ]]
Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2022.
Cash
Accounts Receivable
Supplies
Prepaid Rent
Equipment
Accounts Payable
Transcribed Image Text:Open T-accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2022. Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable
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