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Waterway Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select
Waterway 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. List all debit entries before credit entries.) Aug. 2 Invested $11,510 cash and $2,570 of equipment in the business. 7 Purchased supplies on account for $460. (Debit asset account.) 12 Performed services for clients, for which $1,231 was collected in cash and $701 was billed to the clients. 15 Paid August rent $568. 19 Counted supplies and determined that only $268 of the supplies purchased on August 7 are still on hand
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