Q1. O Journalizing transactions [10-20 min] Principe Technology Solutions completed the following transactions during August 2012, its first month of operations: E2-23 Aug 1 Received cash of $48,000...

Extracted text: Q1. O Journalizing transactions [10-20 min] Principe Technology Solutions completed the following transactions during August 2012, its first month of operations: E2-23 Aug 1 Received cash of $48,000 and gave capital to the owner. 2 Purchased supplies of $500 on account. 4 Paid $47,000 cash for a building. 6 Performed service for customers and received cash, $4,400. 9 Paid $200 on accounts payable. 17 Performed service for customers on account, $2,200. 23 Received $1,600 cash from a customer on account. 31 Paid the following expenses: salary, $1,900; rent, $700. Requirement 1. Record the preceding transactions in the journal of Principe Technology Solutions. Include an explanation for each entry, as illustrated in the chapter. Use the following accounts: Cash, Accounts receivable, Supplies, Building, Accounts payable, Principe, capital, Service revenue, Salary expense, and Rent expense.