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PROBLEM 3.2A Analyzing and Journalizing Transactions (2) Lo3-3, 1 Lo3-4, I) Lo3-5, Lo3-6, (GI Lo3-7, Lo3-s Environmental Services, Inc., performs various tests on wells and septic systems. A few of the company's business transactions occurring during August are described as follows: 1. On August |, the company billed customers $10,000 on account for services rendered. Customers are required to make full payment within 30 days. (Environmental Services uses an account entitled Testing Service Revenue when billing customers.) 2. On August 3, the company purchased testing supplies costing $15,200, paying $3,200 cash and charging the remainder on the company's 30-day account at Penn Chemicals. The testing supplies are expected to last several months. 3. On August 5, the company returned to Penn Chemicals $400 of testing supplies that were not needed. The return of these supplies reduced by $400 the amount owed to Penn Chemicals. 4. On August 17, the company issued an additional 2,500 shares of capital stock at $32 per share. The cash raised will be used to purchase new testing equipment in September. 5. On August 22, the company received $9,600 cash from customers it had billed on August |. 6. On August 29, the company paid its outstanding account payable to Penn Chemicals. 7. On August 30, a cash dividend totaling $8,600 was declared and paid to the company's stockholders (use Dividends account). Instructions a. Prepare an analysis of each of these transactions. Transaction | serves as an example of the form of analysis to be used. 1. (a) The asset Accounts Receivable was increased. Increases in assets are recorded by debits. Debit Accounts Receivable $10,000. (b) Revenue has been earned. Revenue increases owners' equity. Increases in owners' equity are recorded by credits. Credit Testing Service Revenue $10,000. b. Prepare journal entries, including explanations, for these transactions. ce. How does the realization principle influence the manner in which the August | billing to customers is recorded in the accounting records? d. How does the matching principle influence the manner in which the August 3 purchase of testing supplies is recorded in the accounting records