Tracey Sullivan begins business on May 1, 2020,  with the following assets and liabilities: Cash, $5000; Accounts Receivable from Atkinson & Sons, $500; Land, $40 000; Building, $100 000; Office Equipment, $6800; Accounts Payable to Statton Builders, $2000; Mortgage on Building, $50 000. 

Record the opening entry for Tracey Sullivan in the two-column general journal.

Answer rating: 100% (QA)

Date Account Title Debit Credit May 1 2020 Cash 5000 May 1 2020 Accounts Receivable 500 May 1 2020 L... View the full answer