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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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