Use the following Chart of Accounts to complete: Assets: Cash, Accounts Receivable - Sally Dotts, Accounts Receivable - Sue Jones, Accounts Receivable - Paul Monroe, Accounts Receivable - Don Smith, Supplies, Prepaid Insurance Liabilities: Accounts Payable - Supplies R Us Owner's Equity: John Ewe - Capital, John Ewe - Drawing Revenue: Sales Expense: Fuel Expense, Miscellaneous Expense, Rent Expense, Utilities Expense Record the following transactions: August 1: Cash received from owner, John Ewe, as an investment $20,000, receipt 1. August 2: Paid cash for utilities $100, check 4 August 3: Bought six months insurance $575, check 5 August 3: Received payment on account from customer Paul Monroe $1,000, receipt 2. August 4: Paid cash for rent $400, check 6. August 8: Paid cash for miscellaneous expense $50, check 7. August 8: Paid cash for fuel expense $70, check 8. August 10: Received payment on account from customer Sally Dotts $400, receipt 3. August 11: Purchased supplies on account from Supplies R Us $250, memorandum 3. August 12: Sold services on account to customer Sue Jones $2,000, sales invoice 10. August 20: John Ewe withdrew cash from business for personal use $1,000, check 9 August 20: Paid cash on account to Supplies R Us $250, check 10 August 22: Sold services on account to customer Don Smith $2,000, sales invoice 11. August 30: Received payment on account from customer Don Smith $1,000, receipt 4. August 30: Business earned cash sales of $5,500, cash register tape 30.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.