Terapin Company engages in the following external transactions for November.

1.Pay insurance in advance for the next year, $1,800.

2.Purchase a building by issuing a note payable, $50,000.

3.Pay utility bill for the current month, $1,200.

4.Pay cash to reduce an account payable, $2,400.

5.Provide services to customers on account, $16,600.

Required:

Record the transactions. Terapin uses the following accounts: Cash, Accounts Receivable, Prepaid Insurance, Buildings, Accounts Payable, Service Revenue, and Utilities Expense.