Question

Question 4 View Policies Current Attempt in Progress Culver Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. Of no entry is required se manually Invested $12,590 cash and $2.450 of equipment in the business. 7 Purchased supplies on account for $520. (Debit asset account.) 12 Performed services for clients, for which $1,180 was collected in cash and 5646 was billed to the clients. 15 Paid August rent $589. 19 Counted supplies and determined that only $280 of the supplies purchased on August 7 are still on hand. Date Account Titles and Explanation Debit Credit Textbook and Media List of Accounts

Answer 1

Journal Entries
Date	Account Title and explanation	Debit	Credit
	Cash	$12,590
Aug, 02	Equipment	$2,450
	Capital Account		$15,040
	(Record the cash receipt and equipment receipt)
Aug, 07	Supplies	$520
	Cash		$520
	(Record the receipt of supplies)
Aug, 12	Cash	$1,180
	Account Receivable	$646
	Service Revenue		$1,826
	(Record the service revenue earned in cash and credit)
	Rent Expenses	$589
Aug, 15	Cash		$589
	(Record the rent expenses paid in cash)
Aug, 19	Supplies Expenses ($ 520 - $ 280)	$240
	Supplies		$240
	(Record the supplies expenses)