Chapter 2 ln-class Sample Problems 1. Recording Transactions {in a Journal and T-Accounts); Preparing and Interpreting the Baiance Sheet Fruitopia Farms was incorporated as a private company on January 1, 2012. The company's accounts included the following at January 31, 2012: Accounts Payable $ 20,000 Land 3; 100,000 BUildiHQS 50,000 Notes Payable 2200\" Cash (9,000) Retained Earnings 74,000 Contributed Capital 75,000 Supplies 3'00\" Equipment 47,000 During the month of February, the company had the following activities: a. Paid a dividend to shareholders of $15,000. b. Repaid $10,000 cash to a local bank. c. Issued 500 shares for $50,000 cash. 0'. Purchased equipment for $30,000, paying $3,000 in cash and signing a note due in six months for the balance. e. Purchased supplies for $3,000 on account