The accounts with identification letters for Wild World Inc. are listed below.

Letter Account Title

A. Cash.

B. Trade Receivables.

C. Office supplies.

D. Equipment.

E. Land.

F. Trade Payables.

G. Notes Payable.

H. Share Capital.

I. Retained Earnings.

During 20X9, the company completed the transactions given below. You are to indicate the appropriate journal entry for each transaction by giving the account letter and amount. Some entries may need three letters. The first transaction is given as an example.

Debit Credit

Transaction Letter Amount Letter Amount

Ex. Owners invested A 30,000 H 30,000

$30,000 cash for shares.

1. Borrowed $50,000 and

signed a note.

2. Purchased equipment for

$30,000. Paid $10,000 in cash,

signed a $20,000 note payable.

3. Collected $16,000 trade

receivables.

4. Paid $8,000 of trade payables.

5. Acquired a $40,000 piece

of land by issuing capital shares.

6. Purchased $2,000 of office

supplies (an asset) on credit.

7. Paid for the office supplies in (6).