Transactions 1. Peterson invests 8,000 into company 2. 600 of supplies are bought with cash 3. Co. borrows 22,000 from bank. 4. Co. buys inventory on account, 5,500. 5. Co. buys truck for9000 6. Co. buys building for 14,000 7. Sale on account for 6,500, inventory cost 3,700 8. Withdraw by owner, 1,200 9. Insurance for next year is bought, 3,600 10. Received 4,600 payment for A/R 11. Made a 2,600 payment on A/P Adjusting Entries 12. Expired insurance, 400 13. Accrued salaries, 1,550 14. Supplies on hand, 350 Peterson Co. Balance Sheet