(L. OBJ. 2, 3, 4, 5) Analyzing and journalizing transactions, posting, and preparing a t...

(L. OBJ. 2, 3, 4, 5) Analyzing and journalizing transactions, posting, and preparing a trial balance [40—50 min]

Party Time Amusements Company owns movie theaters. Party Time engaged in the following business transactions in 2012:

Party Time Amusements uses the following accounts: Cash; Supplies; Building; Accounts payable; Notes payable; Darrell Palusky, Capital; Darrell Palusky, Withdrawals; Service revenue; Salary expense; Rent expense; Property tax expense.

Requirements

1. Journalize each transaction of Party Time as shown for November 1. Explanations are not required.

2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal, as shown in the chapter.