The trial balance of Whisper Lane Productions, Inc., on March 1, 2012, lists the companys assets, liabilities,

The trial balance of Whisper Lane Productions, Inc., on March 1, 2012, lists the company’s assets, liabilities, and shareholders’ equity on that date.

During March, Whisper Lane completed the following transactions:

1. The company borrowed $6,000 from the bank with a short-term note payable.
2. Whisper Lane paid cash of $12,000 to acquire land.
3. The company performed service for a customer and collected the cash of $3,500.
4. Whisper Lane purchased supplies on account, $225.
5. The company performed service for a customer on account, $1,800.
Set up T-accounts for the accounts given in the March 1 trial balance. Then post the preceding transactions to the accounts. Calculate the account balances and prepare an unadjusted trial balance at March31.

Transcribed Image Text:

Trial Balance Account Title Cash Accounts receivable Accounts payable Common stock Retained earnings Total Debit $15,000 5,700 Credit 3,200 9,000 8,500 $20,700 $20,700