The following T-accounts summarize the operations of Chen Construction Company for July 2011.

Required:
1. Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transactions that most likely took place.
2. Prepare a trial balance at July 31, 2011.

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Assets Liabilities Stockholders' Equity Cash Accounts Pavable Common Stock 7/1 200 7/2 1,0007/5 150 77 2,500 719 700 711 150 7/14 750 7/1 1,100 7/5 150 7/4 250 7/1 4,000 7/2 1,000 Retained Earnings 71 250 Accounts Receivable 7/14 750 7/7 2,500 7/1 1,400 7/11 150 Supplies 7/1 750 7/4 250 Land 7/1 3,000 7/9 700