Question

On August 31, 2017, the general ledger of Nass, Inc. showed the following balances: Cash $4,400, Accounts Receivable $1,650, Supplies $550, Equipment $5,500, Accounts Payable $4,510, Common Stock $3,850, and Retained Earnings $3,740. During August, the following transactions occurred.

Aug. 3		Collected $1,320 of accounts receivable due from customers.
5		Received $1,430 cash for issuing common stock to new investors.
6		Paid $2,970 cash on accounts payable.
7		Performed legal services of $7,150, of which $3,300 was collected in cash and the remainder was due on account.
12		Purchased additional equipment for $1,320, paying $440 in cash and the balance on account.
14		Paid salaries $3,850, rent $990, and advertising expenses $305 for the month of August.
18		Collected the balance for the services performed on August 7.
20		Paid dividends of $550 to stockholders.
24		Billed a client $1,100 for legal services performed.
26		Received $2,200 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months.
27		Agreed to perform legal services for a client in September for $4,950. The client will pay the amount owing after the services have been performed.
28		Received the utility bill for the month of August in the amount of $305; it is not due until September 15.
31		Paid income tax for the month $550.

Journalize the August transactions

Answer 1