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.
Required:
1. Record each transaction.
2. Post each transaction to the appropriate T-accounts.
3. Calculate the balance of each account at September 30.
4. Prepare a trial balance as of September30.
Answers: 1
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Pirates Incorporated had the following balances at the beginning of September.
PIRATES INCORPORATED...
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