Q1.O Journalizing transactions [10-20 min]Principe Technology Solutions completed the following transactions during August2012, its first month of operations:E2-23Aug 1 Received cash of $48,000 and gave capital to the owner.2 Purchased supplies of $500 on account.4 Paid $47,000 cash for a building.6 Performed service for customers and received cash, $4,400.9 Paid $200 on accounts payable.17 Performed service for customers on account, $2,200.23 Received $1,600 cash from a customer on account.31 Paid the following expenses: salary, $1,900; rent, $700.Requirement1. Record the preceding transactions in the journal of Principe TechnologySolutions. Include an explanation for each entry, as illustrated in the chapter. Usethe following accounts: Cash, Accounts receivable, Supplies, Building, Accountspayable, Principe, capital, Service revenue, Salary expense, and Rent expense.

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Description: Q1.O Journalizing transactions [10-20 min]Principe Technology Solutions completed the following transactions during August2012, its first month of operations:E2-23Aug 1 Received cash of $48,000 and gave capital to the owner.2 Purchased supplies of $

The journal entry is the primary entry that records the financial transactions initially.

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Accounting

Journalizing transactions [10-20 min] Principe Technology Solutions completed the following transactions during August 2012, its first month of operations: E2-23 Aug 1 Received cash of $48,000 and gave capital to the owner. 2 Purchased supplies of $500 on account. 4 Paid $47,000 cash for a building. 6 Performed service for customers and received cash, $4,400. 9 Paid $200 on accounts payable. 17 Performed service for customers on account, $2,200. 23 Received S1,600 cash from a customer on account. 31 Paid the following expenses: salary, $1,900; rent, $700.

Journalizing transactions [10-20 min] Principe Technology Solutions completed the following transactions during August 2012, its first month of operations: E2-23 Aug 1 Received cash of $48,000 and gave capital to the owner. 2 Purchased supplies of $500 on account. 4 Paid $47,000 cash for a building. 6 Performed service for customers and received cash, $4,400. 9 Paid $200 on accounts payable. 17 Performed service for customers on account, $2,200. 23 Received S1,600 cash from a customer on account. 31 Paid the following expenses: salary, $1,900; rent, $700.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section: Chapter Questions

Problem 1MP

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