1. Journalize the following transactions completed during August of the current year. Use page 1 of the journal given in the Working Papers. Source documents are abbreviated as follows: checkstub, C; memorandum, M, receipt, R, sales invoice, S, calculator tape, T. Aug. 1. Received cash from owner as an investment, $18,000.00. R1. 1. Pald cash for rent $3,600.00. CI. 2. Paid cash for electric bill, $210.00.C2. 4. Paid cash for supplies, $900.00.03. 4. Paid cash for insurance, $2,400.00. C4. 7. Bought supplies on account from Dakota Supplies, $1,000,00, M1. 11. Paid cash to establish a petty cash fund, $200.00.C5. 12. Received cash from sales, 5950.00. T12. 13. Paid cash for repairs, $500.00. C. 13. Paid cash for miscellaneous expense, $80.00.07. 13. Sold services on account to Valley College, $450.00. S1. 14. Paid cash for advertising, $600.00. C. 15. Paid cash to owner for personal use. $500.00.09. 15. Paid cash on account to Dakota Supplies, $600.00. C10 15. Sold services on account to Skiffton University, $850.00.52. 18. Paid cash for miscellaneous expense, $190.00.011. 18. Received cash on account from Valley College, $250.00. R2. 2. Post from the general Journal to the general ledger. 3. Use page 2 of the general journal Journalize the following transactions. Aug. 19. Received cash from sales, $2,040.00. T19. 20. Paid cash for repairs, 5320.00.C12. 20. Bought supplies on account from Seaside Sup plies, $240.00. M2. 21. Paid cash for water bill, $530.00.013. 25. Pald cash for supplies, $85.00. C14. 25. Received cash from sales, $2,240.00. T25. 26. Paid cash for miscellaneous expense, $35.00. CIS. 26. Received cash on account from Skiffton Univer- sity, $500.00, R3 28. Paid cash for telephone bill, 5220.00. C16. 28. Received cash from sales, 5600.00. T28. 4. Peak Performance received a bank statement dated August 27. The following information is obtained from the bank statement and from the records of the business. Prepare a bank statement reconciliation. Use August 29 as the date. Bank statement balance $13,325.00 Bank service charge 25.00 Outstanding deposit, August 28 600.00 Outstanding checks: No. 14 85.00 No. 15 35.00 No. 16 220.00 Checkbook balance on Check $13,610.00 Stub No. 17 5. Continue using page 2 of the general journal, and journal- ize the following transactions. Aug. 29. Received bank statement showing August bank service charge, $25.00 M3. 29. Paid cash for supplies, $40.00. C17. Aug. 31. Paid cash to replenish the petty cash fund, $130.00: miscellaneous expense, $70.00; repairs, $58.00 cash short, $2.00. C18. 31. Paid cash to owner as a withdrawal of equity, $1,200.00. C19. 31. Received cash from sales, $3,190.00. T31. 6. Post from the general journal to the general ledger. 7. Prove cash. The beginning cash balance on August 1 is zero. The balance on the next unused check stub is $15,405.00
