On July 1, 2022, Paul Brite started a TV repair business. JULY 1 He invested 50 000 in cash to start his business 3 Purchased for cash shop supplies costing 3 500. 5 Brite bought from X Co. repair equipment costing 20 000 on credit. 8 Customers paid 12 000 cash for repair services rendered. 10 Brite made a partial payment to X. 20 000 12 Customers were billed on account 14 000 for repair services rendered. 14 Rental for the month of July was paid 6 000 17 Collected 8 000 from customers as payment of their accounts 19 Paid wages of assistant helper for the month of July, 4 000. 22 Bought additional shop supplies costing 9 500. A down payment of 3 000 was made and the balance is payable at the end of the month. 25 Repair services rendered, 9 000. Received 5 500 as partial payment. 28 Repair supplies bought for cash and used for repairs amounted to 6 500. 31 Brite withdrew 12 000 for his personal use. Requirements: ACTIVITY #3 ILLUSTRATIVE PROBLEM JOURNALIZING-plut AL T-ACCOUNT TRIAL BALANCE -un

On July 1, 2022, Paul Brite started a TV repair business. JULY 1 He invested 50 000 in cash to start his business 3 Purchased for cash shop supplies costing 3 500. 5 Brite bought from X Co. repair equipment costing 20 000 on credit. 8 Customers paid 12 000 cash for repair services rendered. 10 Brite made a partial payment to X. 20 000 12 Customers were billed on account 14 000 for repair services rendered. 14 Rental for the month of July was paid 6 000 17 Collected 8 000 from customers as payment of their accounts 19 Paid wages of assistant helper for the month of July, 4 000. 22 Bought additional shop supplies costing 9 500. A down payment of 3 000 was made and the balance is payable at the end of the month. 25 Repair services rendered, 9 000. Received 5 500 as partial payment. 28 Repair supplies bought for cash and used for repairs amounted to 6 500. 31 Brite withdrew 12 000 for his personal use. Requirements: ACTIVITY #3 ILLUSTRATIVE PROBLEM JOURNALIZING-plut AL T-ACCOUNT TRIAL BALANCE -un

Name: On July 1, 2022, Paul Brite started a TV repair business.ACTIVITY #3
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Description: On July 1, 2022, Paul Brite started a TV repair business.ACTIVITY #3 ILLUSTRATIVE PROBLEMJULY 1 He invested 50 000 in cash to start his business3 Purchased for cash shop supplies costing 3 500.5 Brite bought from X Co. repair equipment costing 20 00

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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