Journalizing transactions [10-20 min]
Principe Technology Solutions, Inc., completed the following transactions during August 2012, its first month of operations:
Aug 1 | Received cash of $48,000 and issued common stock. |
2 | Purchased supplies of $500 on account. |
4 | Paid $47,000 cash for a building. |
6 | Performed service for customers and received cash, $4,400. |
9 | Paid $200 on accounts payable. |
17 | Performed service for customers on account, $2,200. |
23 | Received $1,600 cash from a customer on account. |
31 | Paid the following expenses: salary, $1,900; rent, $700. |
Requirement
1. Record the preceding transactions in the journal of Principe Technology Solutions. Include an explanation for each entry, as illustrated in the chapter. Use the following accounts: Cash, Accounts receivable, Supplies, Building, Accounts payable, Common stock, Service revenue, Salary expense, and Rent expense.
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