Pronghorn 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually). Aug. 2 Invested $12,100 cash and $2,690 of equipment in the business.
7 Purchased supplies on account for $550. (Debit asset account).
12 Performed services for clients, for which $1,180 was collected in cash and
$682 was billed to the clients.
15 Paid August rent $622.
19 Counted supplies and determined that only $295 of the supplies purchased
on August 7 are still on hand.
Date Account Titles and Explanation Debit Credit

Date                Account Details and Description           Debit               Credit

Aug. 2              Cash                                                     $12,100

                        Equipment                                           $2,690

                        Owner's Capital                                                         $14,790

Date                Account Details and Description           Debit               Credit

Aug. 7             Supplies                                                  $550

                       Accounts Payable                                                           $550

Date                Account Details and Description           Debit               Credit

Aug. 12            Cash                                                       $1,180

                        Accounts receivable                              $682

                        Service revenue                                                            $1,862

Date                Account Details and Description           Debit               Credit

Aug. 15           Rent expense                                         $622

                       Cash                                                                                $622

Date                Account Details and Description           Debit               Credit

Aug 19            Supplies expense (550 - 295)              $255

                       Supplies                                                                           $255

answer; lags, push the econ below the natural level of output;