Reference no: EM132976758
1. Capital stock was issued for cash, $ 300,000.
2. Purchased trucks by signing a note bearing no interest, $ 210,000.
3. Earned service revenue on account, $ 4,800.
4. Collected the account receivable resulting from transaction (c), $ 4,800.
5. Paid the note payable for the trucks purchased, $ 210,000.
6. Paid utilities for the month in the amount of $ 1,800.
7. Paid salaries for the month in the amount of $ 7,500.
8. Incurred supplies expenses on account in the amount of $ 1,920.
9. Purchased another truck for cash, $ 48,000.
10. Performed delivery services on account, $ 24,000.
Problem 1: Using the data above, post the entries to T-accounts. Write the letter of the transaction in the account before the dollar amount. Determine a balance for each account.
Problem 2: Using your answer for the previous exercise, prepare a trial balance. Assume the date of the trial balance is March 31
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