Question

Pirates Incorporated had the following balances at the beginning of September. Credits PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Cash $ 5,800 Accounts Receivable 1,800 Supplies 6,900 Land 10,500 Accounts Payable Notes Payable Common Stock Retained Earnings Totals $25,000 $ 6,800 2,300 8,300 7,600 $25,000 The following transactions occur in September. September 1 Provide services to customers for cash, $4,000. September 2 Purchase land with a long-term note for $5,700 from Crimson Company. September 4 Receive an invoice for $430 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $5,300. September 10 Purchase supplies on account for $1,000. September 13 Pay $3,300 to Crimson Company for a long-term note. September 18 Receive $4,300 from customers on account. September 20 Pay $830 for September's rent. September 30 Pay September's utility bill of $1,650. September 30 Pay employees $3,300 for salaries for the month of September. September 30 Pay a cash dividend of $1,000 to shareholders.

Answer 1

Pirates Incorporated		Sep 30 TB
Account Names		Debit	Credit
Cash		4,020
Accounts Receivable		2,800
Supplies		7,900
Land		16,200
Accounts Payable			8,230
Notes Payable			4,700
Common Stock			8,300
Retained Earnings			7,600
Dividends		1,000
Service Revenue			9,300
Salaries expense		3,300
Rent expense		830
Advertising expense		430
Utilities expense		1,650
Totals		38,130	38,130

Pirates Incorporated
Journal entries
Date	Account	Debit	Credit
1-Sep	Cash	$        4,000
	Service Revenue		$        4,000
2-Sep	Land	$        5,700
	Notes Payable		$        5,700
4-Sep	Advertising expense	$           430
	Accounts Payable		$           430
8-Sep	Accounts Receivable	$        5,300
	Service Revenue		$        5,300
10-Sep	Supplies	$        1,000
	Accounts Payable		$        1,000
13-Sep	Notes Payable	$        3,300
	Cash		$        3,300
18-Sep	Cash	$        4,300
	Accounts Receivable		$        4,300
20-Sep	Rent expense	$           830
	Cash		$           830
30-Sep	Utilities expense	$        1,650
	Cash		$        1,650
30-Sep	Salaries expense	$        3,300
	Cash		$        3,300
30-Sep	Dividends	$        1,000
	Cash		$        1,000

Pirates Incorporated T Accounts Date Date Date Date Supplies $ 6,900 10-Sep 1,000 Credit Credit Debit Credit Debit Credit Debit Debit Date Date Date Date Cash Accounts Receivable Land 13-Sep 3,300 Op bal 20-Sep $ Op bal 2-Sep 5,700 Op bal $5,800 1-Sep 4,000 18-Sep 4,300 $10,500 Op bal 1,800 8-Sep 5,300 18-Sep 4,300 830 30-Sep $1,650 30-Sep 3,300 30-Sep 1,000 $ 4,020 $ 2,800 Notes Payable Op bal $ 7,900 $16,200 Bal. Bal. Bal. Bal. Accounts Payable Op bal 2,300 6,800 4-Sep $ 10-Sep 1,000 13-Sep 3,300 2-Sep 5,700 430 Bal. Bal. $4,700 $ 8,230 Retained Earnings Dividends Service Revenue Common Stock $ 7,600 8,300 30-Sep 1,000 1-Sep 4,000 8-Sep $ 5,300 Op bal Op bal $ 9,300 Bal. 7,600 Bal $ 1,000 Bal. $8,300 Bal. Salaries expense Advertising expense Utilities expense Rent expense 30-Sep 3,300 30-Sep 1,650 20-Sep $ 830 4-Sep 430 $3,300 $ 1,650 Bal. Bal. Bal. Bal. 830 430