Listed Below Is Information Related to Several Entry Situations $\$ 5,000$

question 80

Essay

Listed below is information related to several entry situations.Assume that the accounting year ends on December 31. 1. The company acquired land for $100,000 issung a note payable.
2. Equipment is acquired for $30,000 cash.
3. Memberships were sold for $20,000, accepting accounts receivables
4. Salaries of $15,000 were paid in cash.
5. Uthities were paid in cash in the amount of $\$ 5,000$ .
Required:
Record these entries using T-accounts.Use the number of the transaction in lieu of a date for identification purposes.

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Definitions:

Debit Card

Cards that tap directly into the depositor’s bank account to fund purchases; also called a check card.

Checking Account

A bank account that allows the account holder to access funds, make payments, and manage transactions with ease.

Excess Reserves

Bank reserves in excess of the required minimum, which can be lent out or invested.

Total Reserves

The sum of all deposits, including cash, bank deposits, and investable assets, held by a financial institution or country.