Brief Exercise 3-2

Sarasota 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. 2Invested $12,080cash and $2,500of equipment in the business.7Purchased supplies on account for $480. (Debit asset account.)12Performed services for clients, for which $1,181was collected in cash and $725was billed to the clients.15Paid August rent $545.19Counted supplies and determined that only $277of the supplies purchased on August 7 are still on hand.

Date

Account Titles and Explanation

Debit

Credit

Aug. 2

Aug. 2

Aug. 7

Aug. 12

Aug. 15

Aug. 19

Aug. 12

Aug. 2

Aug. 7

Aug. 12

Aug. 15

Aug. 19

Aug. 2

Aug. 7

Aug. 12

Aug. 15

Aug. 19

Brief Exercise 3-2 Sarasota 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 $12,080 cash and $2,500 of equipment in the business. 7 Purchased supplies on account for $480. (Debit asset account.) 12 Performed services for clients, for which $1,181 was collected in cash and $725 was billed to the clients. 15 Paid August rent $545. 19 Counted supplies and determined that only $277 of the supplies purchased on August 7 are still on hand