CALCULATOR FULL SCREEN PRINTER VERSION BACK Brief Exercise 3-1 Transactions for Culver Company for the month of May are presented below. Prepare Journal entries for each of these transactions. If no entry titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record fournal entries in the order preses required, select "No entry for the accoun in the problem.) May Stockholders invests $4,310 cash in exchalige for common stock in a small welding corporation 3 Buys equipment on account for $1,058. 13 Pays $423 to landlord for May rent. 21 Bills Noble Corp. $510 for welding work done. (Use Service Revenue account.) Date Account Titles and Explanation Debit Credit May 1 : Headland 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 for the amounts. Credit account tities are automatically indented when amount is entered. Do not Indent manually.) Aug. 2 Invested $13,160 cash and $2,250 of equipment in the business 7 Purchased supplies on account for $490. (Debit asset account.) 12 Performed services for clients, for which $1,285 was collected in cash and $687 was billed to the clients 15 Pald August rent $638. 19 Counted supplies and determined that only $282 of the supplies purchased on August 7 are on hand. Date Account Tities and Explanation Aug 2 investment dy Cash Equipment Aug 7 Supplies Accounts Payable