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Current Attempt In Progress One Cullumber Corp. had the following transactions during the first month of business. Aug 2 7 12 15 19 Owner Invested $11.850 cash and $2,460 of equipment in the business In exchange for common shares. Purchased supplies on account for $590. (Deblt asset account.) Performed services for clients, collecting $1,245 In cash and billing the clients $500 for the remainder. Pald August rent, $645. Counted supplies and determined that only $285 of the suppilles purchased on August 7 were still on hand. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date 11 V Debit Credit

Current Attempt In Progress One Cullumber Corp. had the following transactions during the first month of business. Aug 2 7 12 15 19 Owner Invested $11.850 cash and $2,460 of equipment in the business In exchange for common shares. Purchased supplies on account for $590. (Deblt asset account.) Performed services for clients, collecting $1,245 In cash and billing the clients $500 for the remainder. Pald August rent, $645. Counted supplies and determined that only $285 of the suppilles purchased on August 7 were still on hand. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date 11 V Debit Credit

FINANCIAL ACCOUNTING
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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Current Attempt In Progress One Cullumber Corp. had the following transactions during the first month of business. Owner Invested $11,850 cash and $2,460 of equipment in the business In exchange for common shares. Purchased supplies on account for $590. (Debit asset account) 7 12 Performed services for clients, collecting $1,245 In cash and billing the clients $500 for the remainder. Pald August rent, $645. 15 19 Counted supplies and determined that only $285 of the supplies purchased on August 7 were still on hand. Aug 2 Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date 00 Debit Credit
Transcribed Image Text:Current Attempt In Progress One Cullumber Corp. had the following transactions during the first month of business. Owner Invested $11,850 cash and $2,460 of equipment in the business In exchange for common shares. Purchased supplies on account for $590. (Debit asset account) 7 12 Performed services for clients, collecting $1,245 In cash and billing the clients $500 for the remainder. Pald August rent, $645. 15 19 Counted supplies and determined that only $285 of the supplies purchased on August 7 were still on hand. Aug 2 Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date 00 Debit Credit
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