Wayne Seale completed these transactions during a short period:

a. Began business as an excavating contractor by investing cash, \(\$ 37,500\); office equipment, \(\$ 2,200\); and excavating machinery, \(\$ 67,500\).

b. Purchased for \(\$ 37,500\) land to be used as an office site and for parking equipment. Paid \(\$ 15,000\) in cash and signed a promissory note payable for the balance.

c. Purchased additional excavating machinery costing \(\$ 32,650\). Paid \(\$ 10,150\) in cash and signed a promissory note payable for the balance.

d. Paid \(\$ 6,700\) cash for a used prefabricated building and moved it on the land for use as an office.

e. Completed an excavating job and immediately collected \(\$ 1,275\) in cash for the work.

f. Prepaid the premium on an insurance policy giving one year's protection, \(\$ 960\).

g. Completed an \(\$ 1,875\) excavating job for City-Wide Contractors on credit.

\(h\). Paid the wages of the equipment operator, \(\$ 1,200\).

\(i\). Paid \(\$ 250\) cash for repairs to excavating machinery.

j. Received \(\$ 1,875\) from City-Wide Contractors for the work of transaction (g).

k. Completed a \(\$ 1,200\) excavating job for SMK Contractors on credit.

l. Received and recorded as an account payable a \(\$ 165\) bill for the rent of a special machine used on the SMK Contractors job.

\(m\). Purchased additional office equipment on credit, \(\$ 790\).

n. Wayne Seale withdrew \(\$ 750\) from the business for personal use.

o. Paid the wages of the equipment operator, \(\$ 1,350\).

p. Paid the \(\$ 165\) account payable resulting from renting the machine of transaction \((l)\).
q. Paid for gas and oil consumed by the excavating machinery, \(\$ 335\).
\section*{Required}
1. Open the following T-accounts: Cash; Accounts Receivable; Prepaid Insurance; Office Equipment; Machinery; Building; Land; Accounts Payable; Notes Payable; Wayne Seale, Capital; Wayne Seale, Withdrawals; Excavating Revenue; Machinery Repairs Expense; Wages Expense; Machinery Rentals Expense; and Gas and Oil Expense.
2. Record the transactions by entering debits and credits directly in the accounts. Use the transaction letters to identify each debit and credit. Prepare a trial balance using the current date and headed Wayne Seale, Contractor.