Handy Dandy Repair Shop had the following transactions during the first month of business as a proprietorship.Aug.   2 Invested $11,440 cash and $2,350 of equipment in the business.7 Purchased supplies on account for $490. (Debit asset account.)12 Performed services for clients, for which $1,380 was collected in cash and $640 was billed to the clients.15 Paid August rent $555.19 Counted supplies and determined that only $245 of the supplies purchased on August 7 are still on hand.Journalize the transactions.

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Asked Jan 25, 2020
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Handy Dandy Repair Shop had the following transactions during the first month of business as a proprietorship.

Aug.   2   Invested $11,440 cash and $2,350 of equipment in the business.
7   Purchased supplies on account for $490. (Debit asset account.)
12   Performed services for clients, for which $1,380 was collected in cash and $640 was billed to the clients.
15   Paid August rent $555.
19   Counted supplies and determined that only $245 of the supplies purchased on August 7 are still on hand.

Journalize the transactions.

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Expert Answer

Step 1

Journal Entry:

 

A journal entry is a systematic record of a financial transaction o...

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