Post the journal entries prepared in E 3-31 to T-accounts,

Post the journal entries prepared in E 3-31 to T-accounts, and determine the final balance for each account. (Assume all beginning account balances are zero.)


Data from E3-13

July 2 Received $320,000 for 80,000 shares of capital stock.
4 Purchased $90,000 of equipment, with 75% down and 25% on a note payable.
5 Paid utilities of $2,300 in cash.
9 Sold equipment for $15,000 cash (no gain or loss).
13 Purchased $250,000 of inventory, paying 40% down and 60% on credit.
14 Paid $6,000 cash insurance premium for July.
18 Sold inventory costing $62,000 for $81,000 to customers on account to be paid at a later date.
20 Collected $7,500 from accounts receivable.
24 Sold inventory costing $32,000 for $43,000 to customers for cash.

27 Paid property taxes of $1,200.
30 Paid $150,000 of accounts payable for inventory purchased on July 13.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...