Martinez Repair Shop had the following transactions during the first month of bu

Question

Martinez Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 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.

Explanation / Answer

2-Aug Cash 11440 Equipment 2350        Owner's Capital 13790 7-Aug Supplies 490    Accounts Payable 490 12-Aug Accounts Receivable 1380 Cash 640       Service Revenue 2020 15-Aug Rent expense 555       Cash 555 19-Aug Supplies expense 245 =490-245        Supplies 245

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