principe technology solutions completed the following transactions during august2012 538317
Journalizing transactions
Principe Technology Solutions completed the following transactions during August 2012, its first month of operations:
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principe technology solutions completed the following transactions during august2012 538317
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4
|
Aug 1 |
Received cash of $48,000 and gave capital to the owner. |
|
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, Principe, capital, Service revenue, Salary expense, and Rent expense.
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