One Cheyenne Corp. had the following transactions during the first month of business.

August 2		Invested $12,500 cash and $2,540 of equipment in the business in exchange for common shares.
7		Purchased supplies on account for $660. (Debit asset account.)
12		Performed services for clients, collecting $1,300 in cash and billing the clients $650 for the remainder.
15		Paid August rent, $700.
19		Counted supplies and determined that only $220 of the supplies purchased on August 7 were still on hand.

 

What are the journal enteries for each transaction.

Answer rating: 100% (QA)

Date Account description Debit Credit August 2 Cash 12500 Equipment 2540 Comm... View the full answer