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Atkinson Building Supplies had the following transactions during August. Atkinson uses a perpetual inventory system. Using...

  1. Atkinson Building Supplies had the following transactions during August. Atkinson uses a perpetual inventory system. Using the accounts listed below and the journal paper provided, journalize the transactions in proper form. Indicate no entry if appropriate. Omit explanations.

Aug. 19 Wrote off a $150 customer account that was determined to be uncollectible.

Aug. 22 Received $750 in advance for work to be done in September.

Aug. 26 Paid $2,000 of wages to the office staff

Aug. 30 Distributed profits of $1,000 to stockholders.

Aug. 31 Record the adjusting entry necessary for each of the following: Expired insurance Depreciation on the equipment (assume a 5 year life, zero salvage value and the straight-line method) The supplies used assuming there were $50 of supplies on hand at the beginning of August and $250 of supplies left on hand at the end of August. Interest owed on the note payable

Aug. 31 Record the entries to close the Sales account and the Dividends account.

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