Question;P2-9A;Leo Mataruka owns and;manages a computer repair service. It had the following trial balance on December;31, 2010 (its fiscal year end);CYBERDYNE;REPAIR SERVICE;Trail;Balance;December;31, 2010;Debit Credit;Cash $2,000;Accounts;receivable 16,500;Repair parts;inventory 16,000;Shop equipment 28,000;Accounts payable $23,000;Unearned revenue 2,000;L. Mataruka;Capital _______ 37,500;Totals $62,500 $62,500;======= =======;A summary of transactions for January;2011 follows;Jan. 2 Leo went to his bank and a;personal loan of $6,000 by signing a note payable.;Jan. 3 Leo transferred $5,000;from his personal bank account into Cyberdyne?s bank account.;Jan. 4 Purchased additional;repair parts inventory on account $5,200.;Jan. 6 Miscellaneous expenses;were paid in cash $1,300.;10 Collected $7,200 cash from customers on;account.;15 Cash was paid to creditors on account;$6,500.;19 Advertising costs were paid in cash $600.;20 Purchased additional equipment for $4,800;cash.;29 Repairs services done in January were;for $5,000 cash and $15,000 on account.;30 Wages for January were paid in cash;$2,900.;30 Paid January and February?s rent for;a total of $1,800;31 Leo withdrew $500 cash. He used the;cash to make payment on his personal loan.;31 A total of $4,500 of the repair;parts inventory was used in the month.;(Hint: Debit this to Repair parts;expense.);Instructions;(A);Prepare journal entries to record of each of Cyberdyne?s;January transactions.;(B);Open ledger accounts for each of the accounts;listed in the trial balance, and enter the December 31, 2010, balances. Use T-;Accounts.;(C);Post the journal entries to the accounts in the;ledger.;(D);Prepare a trial balance as at January 31, 2011.;P2_10A;Refer;to the trial balance prepared in part (d) of P2_9A for CYBERDYNE REPAIR SERVICE.;Instructions;(a);Prepare an income statement for CYBERDYNE REPAIR;SERVICE.;(b);Prepare a statement of owner?s equity.;(c);Prepare a balance sheet.
Paper#37497 | Written in 18-Jul-2015Price : $20