Posted by Will on Saturday, February 25, 2012 at 11:14pm.
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year).
BYTE REPAIR SERVICE
December 31, 2010
Accounts Receivable 15,000
Parts Inventory 13,000
Prepaid Rent 3,000
Shop Equipment 21,000
Accounts Payable $19,000
Jack Shellenkamp, Capital 41,000
Summarized transactions for January 2011 were as follows:
Advertising costs, paid in cash, $1,000.
Additional Repair Parts Inventory acquired on account $4,000.
Miscellaneous expenses, paid in cash, $2,000.
Cash collected from customers in payment of accounts receivable $14,000.
Cash paid to creditors for accounts payable due $15,000.
Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.)
Repair services performed during January: for cash $6,000; on account $9,000.
Wages for January, paid in cash, $3,000.
Jack's drawings during January were $3,000.
So far I got
1. Advertising expense debit 1000
cash credit 1000
2. part inventory debit 4000
account payable credit 4000
3. miscellaneous expense debit 2000
cash credit 2000
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