Journalize the Following Transactions for Stanley's Repair Shop and Prepare

question 41

Essay

Journalize the following transactions for Stanley's Repair Shop and prepare a trial balance dated May 31, 2019.
a)Owner, Stanley Knowles invested $5,000 cash into the business.
b)Rented a garage and paid one month's rent, $1,400.
c)Purchased $50 of supplies for cash.
d)Performed repair services on account, $1,590.
e)Paid $1,500 cash for equipment.
f)Owner, Stanley Knowles withdrew $700 cash for personal use.

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Definitions:

A/R Ratio

A financial metric, often used in business, representing Accounts Receivable turnover or efficiency in collecting receivables.

Cost-Benefit Analysis

A systematic approach to estimating the strengths and weaknesses of alternatives to determine the best option to achieve benefits while minimizing costs.

Office Manager

An Office Manager is a professional responsible for overseeing the day-to-day operations of an office, including administrative tasks and staff supervision.

Accounts Payable

Financial obligations or debts a company owes to its suppliers or creditors for goods and services received.