INFERRING TRANSACTIONS FROM T-ACCOUNTS The following T-accounts summarize the operations of Chen Construction Company for July 2009.

Cash Accounts Receivable Supplies 7/1 200 7/1 1,400 150 7/11 7/1 750 7/2 1,000 150 7/5 7/4 250 7/7 2,500 700 7/9 7/11 150 750 7/14 Land Accounts Payable Common Stock 7/1 3,000 1,100 7/1 4,000 7/1 7/9 700 7/5 150 250 7/4 1,000 7/2 Retained Earnings 250 7/1 7/14 750 2,500 7/7 Required:

. Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transaction that most likely took place.

. Prepare a trial balance at July 31, 2009.