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Pirates Incorporated had the following balances at the beginning of September.
| PIRATES INCORPORATED Trial Balance September 1 |
| Accounts | Debits | | Credits | |
| Cash | $ | 5,400 | | | | |
| Accounts Receivable | | 1,400 | | | | |
| Supplies | | 6,500 | | | | |
| Land | | 10,100 | | | | |
| Accounts Payable | | | | $ | 6,400 | |
| Notes Payable | | | | | 1,900 | |
| Common Stock | | | | | 7,900 | |
| Retained Earnings | | | | | 7,200 | |
| Totals | $ | 23,400 | | $ | 23,400 | |
| |
The following transactions occur in September.
| September | | 1 | | Provide services to customers for cash, $3,600. |
| September | | 2 | | Purchase land with a long-term note for $5,300 from Crimson Company. |
| September | | 4 | | Receive an invoice for $390 from the local newspaper for an advertisement that appeared on September 2. |
| September | | 8 | | Provide services to customers on account for $4,900. |
| September | | 10 | | Purchase supplies on account for $1,200. |
| September | | 13 | | Pay $2,900 to Crimson Company for a long-term note. |
| September | | 18 | | Receive $3,900 from customers on account. |
| September | | 20 | | Pay $790 for September's rent. |
| September | | 30 | | Pay September's utility bill of $1,450. |
| September | | 30 | | Pay employees $2,900 for salaries for the month of September. |
| September | | 30 | | Pay a cash dividend of $1,200 to shareholders. |
Provide services to customers for cash, $3,600
| |
| | | Date | Account Title | Debit | Credit | | September 01 | | | | | | | | | | | | | | |
Purchase land with a long-term note for $5,300 from Crimson Company.
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| | | Date | Account Title | Debit | Credit | | September 02 | | | | | | | | | | | | | | | | | | | | | | | | |
Receive an invoice for $390 from the local newspaper for an advertisement that appeared on September 2.
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| | | Date | Account Title | Debit | Credit | | September 04 | | | | | | | | | | | | | | | | | | | |
Provide services to customers on account for $4,900.
| |
| | | Date | Account Title | Debit | Credit | | September 08 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase supplies on account for $1,200.
| |
| | | Date | Account Title | Debit | Credit | | September 10 | | | | | | | | | | | | | | |
Pay $2,900 to Crimson Company for a long-term note.
| |
| | | Date | Account Title | Debit | Credit | | September 13 | | | | | | | | | | | | | | | | | | | | | |
Receive $3,900 from customers on account.
| |
| | | Date | Account Title | Debit | Credit | | September 18 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay $790 for September's rent.
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| | | Date | Account Title | Debit | Credit | | September 20 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay September's utility bill of $1,450.
| |
| | | Date | Account Title | Debit | Credit | | September 30 | | | | | | | | | | | | | | | | | | | |
Answer & Explanation
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