Listed Below Are the Transactions for August 2014, the First

question 8

Essay

Listed below are the transactions for August 2014, the first month of operations of Peggy's' Pet Grooming, owned and operated by Peggy Markham.
August 1 Peggy invested $5,000 in the business, which was comprised of $3,500 in cash plus equipment valued at $1,500.
August 3 Paid rent of $400 for one month's rent.
August 3 Hired a salesperson who will be paid on commission.
August 4 Purchases supplies on account for $125.
August 12 Purchased a used van for $6,000, paying cash of $1,000 and signing an 1 year, 6% note payable for the balance.
August 15 Completed services for clients. Of the services completed, $350 was paid in cash, and the remainder, $500 was on account.
August 18 Paid telephone expense of $60.
August 26 Received a utility bill for August of $110.
August 27 Collected $250 of the accounts receivable balance.
August 29 Billed clients for $400 in services.
August 30 Paid an assistant $225 in wages.
August 30 Peggy Markham withdrew $500 for personal use.
Instructions
a. Journalize the transactions.
b. Prepare a trial balance at August 31, 2014. Hint: You may want to use T accounts.

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Definitions:

Hominoids

A term that encompasses all apes and humans, referring to the group of primates that are large-bodied and have no tail.

Humans

The species Homo sapiens, characterized by their bipedalism, high brain volume relative to body size, and advanced cognitive abilities.

Homo Erectus

"Upright human." A species within the genus Homo first appearing just after 2 million years ago in Africa and ultimately spreading throughout the Old World.

Oligocene Era

A geologic epoch of the Paleogene Period, occurring from about 34 to 23 million years ago, during which mammals and birds evolved considerably.