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Problem 2-8A Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6) The following information applies to the questions displayed below] Pirates Incorporated
Problem 2-8A Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6) The following information applies to the questions displayed below] Pirates Incorporated had the following balances at the beginning of September PIRATES INCORPORATED Trial Balance Credits Accounts Debits Cash 4,600 600 Accounts Receivable Supplies 5,700 Land 9,300 Accounts Payable Notes Payable 5,600 1,100 7,100 Common Stock Retained Eamings 6,400 The following transactions occur in September: September 1Provide services to customers for cash, $2,800 September 2 Purchase land with a long-term note for $4,500 from Crimson Company. September 4 Receive an invoice for $310 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $4,100 September 10 Purchase supplies on account for $1,200. September 13 Pay $2,100 to Crimson Company for a long-term note. September 18 Receive $3.100 from customers on account. September 20 Pay $710 for September's rent. September 30 Pay September's utility bill of $1,050. September 30 Pay employees $2,100 for salaries for the month of September September 30 Pay a cash dividend of $1,100 to shareholders. Required: 1. Record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 7 2 3 5 6 8 11 Provide services to customers for cash, $2,800. Note: Enter debits before credits. Date General Journal Debit Credit September 01 Record entry Clear entry View general journal 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. Bal. End. Bal. Supplies Land Beg. Bal. Beg Bal End. Bal. End. Bal Accounts Payable Notes Payable Beg. Bal Beg. Bal End. Bal. End. Bal. Retained Earnings Common Stock Beg. Bal Beg. Bal End, Bal End, Bal Dividends Service Revenue Beg. Bal. Beg Bal End, Bal End. Bal. Salaries Expense Rent Expense Beg. Bal Beg. Bal End. Bal. End. Bal. Utilities Expense Advertising Expense Beg. Bal Beg. Bal End, Bal End. Bal. Problem 2-8A Part 4 4. Prepare a trial balance as of September 30. PIRATES INCORPORATED Trial Balance September 30 Accounts Debit Credit Cash Accounts receivable Supplies Land Accounts payable Notes payable Common Stock Retained earnings Dividends Service revenue Salaries expense Rent expense Advertising expense Utilities expense 0 0 Totals Problem 2-8A Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6) The following information applies to the questions displayed below] Pirates Incorporated had the following balances at the beginning of September PIRATES INCORPORATED Trial Balance Credits Accounts Debits Cash 4,600 600 Accounts Receivable Supplies 5,700 Land 9,300 Accounts Payable Notes Payable 5,600 1,100 7,100 Common Stock Retained Eamings 6,400 The following transactions occur in September: September 1Provide services to customers for cash, $2,800 September 2 Purchase land with a long-term note for $4,500 from Crimson Company. September 4 Receive an invoice for $310 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $4,100 September 10 Purchase supplies on account for $1,200. September 13 Pay $2,100 to Crimson Company for a long-term note. September 18 Receive $3.100 from customers on account. September 20 Pay $710 for September's rent. September 30 Pay September's utility bill of $1,050. September 30 Pay employees $2,100 for salaries for the month of September September 30 Pay a cash dividend of $1,100 to shareholders. Required: 1. Record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 7 2 3 5 6 8 11 Provide services to customers for cash, $2,800. Note: Enter debits before credits. Date General Journal Debit Credit September 01 Record entry Clear entry View general journal 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. Bal. End. Bal. Supplies Land Beg. Bal. Beg Bal End. Bal. End. Bal Accounts Payable Notes Payable Beg. Bal Beg. Bal End. Bal. End. Bal. Retained Earnings Common Stock Beg. Bal Beg. Bal End, Bal End, Bal Dividends Service Revenue Beg. Bal. Beg Bal End, Bal End. Bal. Salaries Expense Rent Expense Beg. Bal Beg. Bal End. Bal. End. Bal. Utilities Expense Advertising Expense Beg. Bal Beg. Bal End, Bal End. Bal. Problem 2-8A Part 4 4. Prepare a trial balance as of September 30. PIRATES INCORPORATED Trial Balance September 30 Accounts Debit Credit Cash Accounts receivable Supplies Land Accounts payable Notes payable Common Stock Retained earnings Dividends Service revenue Salaries expense Rent expense Advertising expense Utilities expense 0 0 Totals
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