Requirement 2. The following T-accounts forPhilips Engineering have been opened with the following September 1 balances: Cash #101, debit balance $2,600 ; Accounts Receivable #103, $0; Supplies #105, $0; Equipment #107, $0; Land #110, debit balance $31,000 ; Accounts Payable #201, $0; Note Payable #205, $0; R. Philips , Capital #301, credit balance $33,600 ; Service Revenue #401, $0; Utilities Expense #501, $0. Post the transactions to the T-accounts, and compute the account balances.

Record the entries in the T-accounts which have been set up. Identify transactions by their date. Use a "Bal." posting reference on the proper side of each account to show the ending balances of the accounts. (Leave unused cells blank. For accounts with a $0 balance, make sure to enter "0" in the appropriate cell on the normal side of the account.)