Record the above transaction to the Journal. B. Post the recording to the T accounts, using the following Account Titles: - Cash - Office Equipment - Notes Payable - Land - Delivery Vehicles - Accounts Payable - Buildings - Capital Stock C. Prepare a trial balance at July 31 by using the form provided to you in the theory’s example (create the heading and the columns accordingly).
Record the above transaction to the Journal. B. Post the recording to the T accounts, using the following Account Titles: - Cash - Office Equipment - Notes Payable - Land - Delivery Vehicles - Accounts Payable - Buildings - Capital Stock C. Prepare a trial balance at July 31 by using the form provided to you in the theory’s example (create the heading and the columns accordingly).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
A. Record the above transaction to the Journal.
B. Post the recording to the T accounts, using the following Account Titles:
- Cash
- Office Equipment
- Notes Payable
- Land
- Delivery Vehicles
- Accounts Payable
- Buildings
- Capital Stock
C. Prepare a
example (create the heading and the columns accordingly).

Transcribed Image Text:A newly founded business performed in their first days of operations, the six transactions
that you can find below. The business was founded on the 20th of July, by a young
entrepreneur, Mr White, who wanted to provide typing, copying, and printing services to
the university students in his home city:
a) 20/07/2019: In exchange for his investment of $200,000 cash, the business issued
to Mr White 1,000 shares of capital stock.
b) 21/07/2019: Purchased a small building and land for $450,000, paying $165,000
cash and signing a note payable for the balance. The building $210,000 and the land
was considered to be worth $240,000.
c) 22/07/2019: Purchased office equipment for $30,000 from Office Furniture Co.
Paid $17,000 cash and agreed to pay the balance within 60 days.
d) 26/7/2019: Purchased from Auto Ltd. a motorcycle on credit for $3,400 to be used
for making deliveries to customers. Mr White agreed to make payment to Auto Ltd.
within 10 days.
e) 27/7/2019 Signed a note payable due in six months, for borrowing $30,000 from a
bank.
f) 30/7/2019: Paid in full the account payable to Auto Ltd.
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