Peterson Engineering engaged in the following September transactions: Required 1. Prepare journal entries for the transactions of
Question:
Peterson Engineering engaged in the following September transactions:
Required
1. Prepare journal entries for the transactions of the journal. Include an explanation for each transaction.
2. Open T-accounts with the following September 1 balances: Cash #101, debit balance $3,000; Accounts Receivable #103, $0; Supplies #105, $0; Equipment #107, $0; Land #110, debit balance $29,000; Accounts Payable #201, $0; Note Payable #205, $0; R. Peterson, Capital #301, credit balance $32,000; Service Revenue #401, $0; Utilities Expense #501, $0.
3. Post the transactions to T-accounts and compute the account balances.
4. Add the balances to prove that total debits equal total credits.
Step by Step Answer:
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura