Handy Dandy Repair Shop had the following transactions during the first month of business as a proprietorship. Aug. 2 Invested $11,440 cash and $2,350 of equipment in the business. 7 Purchased supplies on account for $490. (Debit asset account.) 12 Performed services for clients, for which $1,380 was collected in cash and $640 was billed to the clients. 15 Paid August rent $555. 19 Counted supplies and determined that only $245 of the supplies purchased on August 7 are still on hand. Journalize the transactions.
Handy Dandy Repair Shop had the following transactions during the first month of business as a proprietorship. Aug. 2 Invested $11,440 cash and $2,350 of equipment in the business. 7 Purchased supplies on account for $490. (Debit asset account.) 12 Performed services for clients, for which $1,380 was collected in cash and $640 was billed to the clients. 15 Paid August rent $555. 19 Counted supplies and determined that only $245 of the supplies purchased on August 7 are still on hand. Journalize the transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Handy Dandy Repair Shop had the following transactions during the first month of business as a proprietorship.
| Aug. 2 | Invested $11,440 cash and $2,350 of equipment in the business. | |
| 7 | Purchased supplies on account for $490. (Debit asset account.) | |
| 12 | Performed services for clients, for which $1,380 was collected in cash and $640 was billed to the clients. | |
| 15 | Paid August rent $555. | |
| 19 | Counted supplies and determined that only $245 of the supplies purchased on August 7 are still on hand. |
Journalize the transactions.
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