Pirates Incorporated had the following balances at the beginning of September. PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Credits Cash $ 5,700 Accounts Receivable 1,700 Supplies 6,800 Land 10,400 Accounts Payable $ 6,700 Notes Payable 2,200 Common Stock 8,200 Retained Earnings 7,500 Totals $ 24,600 $ 24,600 The following transactions occur in September. September 1 Provide services to customers for cash, $3,900. September 2 Purchase land with a long-term note for $5,600 from Crimson Company. September 4 Receive an invoice for $420 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $5,200. September 10 Purchase supplies on account for $1,200. September 13 Pay $3,200 to Crimson Company for a long-term note. September 18 Receive $4,200 from customers on account. September 20 Pay $820 for September's rent. September 30 Pay September's utility bill of $1,600. September 30 Pay employees $3,200 for salaries for the month of September. September 30 Pay a cash dividend of $1,200 to shareholders. 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at September 30. (Hint: Be sure to include the balance at the beginning of September in each T-account.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pirates Incorporated had the following balances at the beginning of September.

PIRATES INCORPORATED Trial Balance September 1
Accounts	Debits		Credits
Cash	$	5,700
Accounts Receivable		1,700
Supplies		6,800
Land		10,400
Accounts Payable				$	6,700
Notes Payable					2,200
Common Stock					8,200
Retained Earnings					7,500
Totals	$	24,600		$	24,600

The following transactions occur in September.

September	1	Provide services to customers for cash, $3,900.
September	2	Purchase land with a long-term note for $5,600 from Crimson Company.
September	4	Receive an invoice for $420 from the local newspaper for an advertisement that appeared on September 2.
September	8	Provide services to customers on account for $5,200.
September	10	Purchase supplies on account for $1,200.
September	13	Pay $3,200 to Crimson Company for a long-term note.
September	18	Receive $4,200 from customers on account.
September	20	Pay $820 for September's rent.
September	30	Pay September's utility bill of $1,600.
September	30	Pay employees $3,200 for salaries for the month of September.
September	30	Pay a cash dividend of $1,200 to shareholders.

2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at September 30. (Hint: Be sure to include the balance at the beginning of September in each T-account.)

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