Question
Pirates Incorporated had the following balances at the beginning of September. PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Credits Cash $ 5,400 Accounts Receivable
Pirates Incorporated had the following balances at the beginning of September.
| PIRATES INCORPORATED Trial Balance September 1 | ||||||
| Accounts | Debits | Credits | ||||
| Cash | $ | 5,400 | ||||
| Accounts Receivable | 1,400 | |||||
| Supplies | 6,500 | |||||
| Land | 10,100 | |||||
| Accounts Payable | $ | 6,400 | ||||
| Notes Payable | 1,900 | |||||
| Common Stock | 7,900 | |||||
| Retained Earnings | 7,200 | |||||
| Totals | $ | 23,400 | $ | 23,400 | ||
The following transactions occur in September.
| September | 1 | Provide services to customers for cash, $3,600. | ||
| September | 2 | Purchase land with a long-term note for $5,300 from Crimson Company. | ||
| September | 4 | Receive an invoice for $390 from the local newspaper for an advertisement that appeared on September 2. | ||
| September | 8 | Provide services to customers on account for $4,900. | ||
| September | 10 | Purchase supplies on account for $1,200. | ||
| September | 13 | Pay $2,900 to Crimson Company for a long-term note. | ||
| September | 18 | Receive $3,900 from customers on account. | ||
| September | 20 | Pay $790 for September's rent. | ||
| September | 30 | Pay September's utility bill of $1,450. | ||
| September | 30 | Pay employees $2,900 for salaries for the month of September. | ||
| September | 30 | Pay a cash dividend of $1,200 to shareholders. |
Provide services to customers for cash, $3,600
|
Purchase land with a long-term note for $5,300 from Crimson Company.
|
Receive an invoice for $390 from the local newspaper for an advertisement that appeared on September 2.
|
Provide services to customers on account for $4,900.
|
Purchase supplies on account for $1,200.
|
Pay $2,900 to Crimson Company for a long-term note.
|
Receive $3,900 from customers on account.
|
Pay $790 for September's rent.
|
Pay September's utility bill of $1,450.
|
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
