P2-3a - Jack Shellenkamp owns and manages a computer repair...

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Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2007 (the end of its fiscal year). BYTE REPAIR SERVICE, INC. Trial Balance December 31, 2007 Cash $8,000 Accounts Receivable 15,000 Parts Inventory 13,000 Prepaid Rent 3,000 Shop Equipment 21,000 Accounts Payable $19,000 Common Stock 30,000 Retained Earnings 11,000
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$60,000 $60,000 Summarized transactions for January 2008 were as follows: 1. Advertising costs, paid in cash, $1,000. 2. Additional repair parts inventory acquired on account $4,000. 3. Miscellaneous expenses, paid in cash, $2,000. 4. Cash collected from customers in payment of accounts receivable $14,000. 5. Cash paid to creditors for accounts payable due $15,000. 6. Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.) 7. Repair services performed during January: for cash $6,000; on account $9,000. 8.
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P2-3a - Jack Shellenkamp owns and manages a computer repair...

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