Refer to exercise E2-19.

{Requirements}

1. After journalizing the transactions of exercise E2-19, post the entries to the ledger using T-accounts. Key transactions by date. Date the ending balance of each account October 31, 2020 2. Prepare the trial balance of Perfect Printers Inc., at October 31, 2020.

3. How much are total assets, total liabilities, and total shareholders' equity on October 31, \(2020 ?\)

Exercise 2-19

Perfect Printers Inc. completed the following transactions during October 2020, its first month of operations:

{Requirement}
1. Record the transactions in the journal of Perfect Printers Inc. Key transactions by date, and include an explanation for each entry, as illustrated in the chapter.

Transcribed Image Text:

Oct. 1 Received $25,000, and issued common shares. 2 4 6 17 Purchased $800 of office supplies on account. Paid $20,000 cash for land to use as a building site. Performed service for customers, and received cash of $5,000. Paid $100 on accounts payable. Performed service for Waterloo School Board on account totalling $1,500. 23 Collected $1,000 from Waterloo School Board on account. 31 Paid the following expenses: salary, $1,000; rent, $500. .