Peeters Consulting completed these transactions during June 2014:
a. Trevor Peeters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business.
b. Purchased land and a small office building. The land was worth $268,000 and the building was worth $66,000. The purchase price was paid with $30,000 cash and a long-term note payable for $304,000.
c. Purchased $600 of office supplies on credit.
d. Trevor Peeters transferred title of his personal automobile to the business. The automobile had a value of $7,000 and was to be used exclusively in the business.
e. Purchased $4,600 of additional office equipment on credit.
f. Paid $ 1,800 salary to an assistant.
g. Provided services to a client and collected $2,700 cash.
h. Paid $ 1,430 for the month's utilities.
i. Paid the account payable created in transaction (c).
j. Purchased $4,000 of new office equipment by paying $2,400 cash and trading in old equipment with a recorded cost of $1,600.
k. Completed $2,400 of services for a client. This amount is to be paid within 30 days.
1. Paid $ 1,800 salary to an assistant.
m. Received $1,000 payment on the receivable created in transaction (k).
n. Trevor Peeters withdrew $1,050 cash from the business for personal use.
Required
1. Set up the following T-accounts: Cash; Accounts Receivable; Office Supplies; Automobiles; Office Equipment; Building; Land; Accounts Payable; Long-Term Notes Payable; Trevor Peeters, Capital; Trevor Peeters, Withdrawals; Fees Flamed; Salaries Expense; and Utilities Expense.
2. Record the effects of the listed transactions by entering debits and credits directly in the T-accounts. Use the transaction letters to identify each debit and credit entry.