Question
Pirates Incorporated had the following balances at the beginning of September. PIRATES INCORPORATED Trial Balance Accounts Debits Credits Cash $ 5,500 Accounts Receivable 1,500 Supplies
Pirates Incorporated had the following balances at the beginning of September.
PIRATES INCORPORATED Trial Balance | ||||
Accounts | Debits | Credits | ||
Cash | $ | 5,500 | ||
Accounts Receivable | 1,500 | |||
Supplies | 6,600 | |||
Land | 10,200 | |||
Accounts Payable | $ | 6,500 | ||
Notes Payable | 2,000 | |||
Common Stock | 8,000 | |||
Retained Earnings | 7,300 | |||
|
The following transactions occur in September: September 1 Provide services to customers for cash, $3,700. September 2 Purchase land with a long-term note for $5,400 from Crimson Company. September 4 Receive an invoice for $400 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $5,000. September 10 Purchase supplies on account for $1,000. September 13 Pay $3,000 to Crimson Company for a long-term note. September 18 Receive $4,000 from customers on account. September 20 Pay $800 for September's rent. September 30 Pay September's utility bill of $1,500. September 30 Pay employees $3,000 for salaries for the month of September. September 30 Pay a cash dividend of $1,000 to shareholders.
1. Record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Note: Enter debits before credits.
|
2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at September 30. (Hint: Be sure to include the balance at the beginning of September in each T-account.)
Cash Accounts Receivable Beg. Bal Beg. Bal End. Ball End. Bal Supplies Land Beg. Bal Beg. Bal End. Bal End. Bal Accounts Payable Notes Payable Beg. Bal Beg. Bal End. Bal End. Bal. Common Stock Retained Earnings
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started