Pirates Incorporated had the following balances at the beginning of September.Pirates Incorporated had the following balances at the beginning of September.PIRATES INCORPORATED Trial Balance - September 1Accounts                  Debits         CreditsCash                          $ 6,500Accounts Receivable    2,500Supplies                       7,600Land                           11,200Accounts Payable                        $7,500Notes Payable                               3,000Common Stock                             9,000Retained Earnings                         8,300Total                         $27,800       $27,800The following transactions occur in September.September 1 Provide services to customers for cash, $4,700.September 2 Purchase land with a long-term note for $6,400 from Crimson Company.September 4 Receive an invoice for $500 from the local newspaper for an advertisement that appeared on September 2.September 8 Provide services to customers on account for $6,000.September 10 Purchase supplies on account for $1,100.September 13 Pay $4,000 to Crimson Company for a long-term note.September 18 Receive $5,000 from customers on account.September 20 Pay $900 for September’s rent.September 30 Pay September’s utility bill of $2,000.September 30 Pay employees $4,000 for salaries for the month of September.September 30 Pay a cash dividend of $1,100 to shareholders.Required:1. Record each transaction.2. Post each transaction to the appropriate T-accounts.3. Calculate the balance of each account at September 30. (Hint: Be sure to include the balanceat the beginning of September in each T-account.)4. Prepare a trial balance as of September 30.

Question

Pirates Incorporated had the following balances at the beginning of September.Pirates Incorporated had the following balances at the beginning of September.

PIRATES INCORPORATED Trial Balance - September 1
Accounts                  Debits         Credits
Cash                          $ 6,500
Accounts Receivable    2,500
Supplies                       7,600
Land                           11,200
Accounts Payable                        $7,500
Notes Payable                               3,000
Common Stock                             9,000
Retained Earnings                         8,300
Total                         $27,800       $27,800

The following transactions occur in September.
September 1 Provide services to customers for cash, $4,700.
September 2 Purchase land with a long-term note for $6,400 from Crimson Company.
September 4 Receive an invoice for $500 from the local newspaper for an advertisement that appeared on September 2.
September 8 Provide services to customers on account for $6,000.
September 10 Purchase supplies on account for $1,100.
September 13 Pay $4,000 to Crimson Company for a long-term note.
September 18 Receive $5,000 from customers on account.
September 20 Pay $900 for September’s rent.
September 30 Pay September’s utility bill of $2,000.
September 30 Pay employees $4,000 for salaries for the month of September.
September 30 Pay a cash dividend of $1,100 to shareholders.

Required:
1. Record each transaction.
2. Post each transaction to the appropriate T-accounts.
3. Calculate the balance of each account at September 30. (Hint: Be sure to include the balance
at the beginning of September in each T-account.)
4. Prepare a trial balance as of September 30.

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