Brief Exercise 3-02 Vaughn Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Aug. 2 Invested $12,320 cash and $2,710 of equipment in the business. 7 Purchased supplies on account for $480. (Debit asset account.) 12 Performed services for clients, for which $1,193 was collected in cash and $722 was billed to the clients. 15 Paid August rent $580. 19 Counted supplies and determined that only $296 of the supplies purchased on August 7 are still on hand.

Brief Exercise 3-02 Vaughn Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Aug. 2 Invested $12,320 cash and $2,710 of equipment in the business. 7 Purchased supplies on account for $480. (Debit asset account.) 12 Performed services for clients, for which $1,193 was collected in cash and $722 was billed to the clients. 15 Paid August rent $580. 19 Counted supplies and determined that only $296 of the supplies purchased on August 7 are still on hand.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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