1.Tracey Sullivan begins business on May 1, 20-, with the following assets and liabilities: Cash, $5 000; Accounts Receivable from Atkinson & Sons, $500; Land, $40 000; Building, $100 000; Office Equipment, $6 800; Accounts Payable to Statton Builders, $2 000; Mortgage on Building, $50 000. Record the opening entry for Tracey Sullivan in the two-column general journal. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1.Tracey Sullivan begins business on May 1, 20-, with the following assets and liabilities: Cash,
$5 000; Accounts Receivable from Atkinson & Sons, $500; Land, $40 000; Building, $100 000;
Office Equipment, $6 800; Accounts Payable to Statton Builders, $2 000; Mortgage on Building,
$50 000. Record the opening entry for Tracey Sullivan in the two-column general journal.
GENERAL JOURNAL
PAGE
DATE
PARTICULARS
P.R.
DEBIT
CREDIT
Transcribed Image Text:1.Tracey Sullivan begins business on May 1, 20-, with the following assets and liabilities: Cash, $5 000; Accounts Receivable from Atkinson & Sons, $500; Land, $40 000; Building, $100 000; Office Equipment, $6 800; Accounts Payable to Statton Builders, $2 000; Mortgage on Building, $50 000. Record the opening entry for Tracey Sullivan in the two-column general journal. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT
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