Question: Terapin Company engages in the following external transactions for November

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.


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  • CreatedJuly 15, 2014
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