Accounting I

Assignment 2
Dr. Mohamed Hamada

 Please, record the following transactions in the journal and

posting them to the ledger ?
(a)

On July 1, cash of $95,000 was invested in the business for

Peoples, Inc Capital.

(b)

Peoples, Inc. acquired land by paying $60,000 cash to Nashtown,

Inc.

(c)

Peoples, Inc. purchased an estimated three-month supply of office

supplies on account. The company will pay $600 for these supplies
later.

(d)

Peoples, Inc. received $800 for accounting services performed.

(e)

Peoples, Inc. performed consulting services for $2,000. The

company will be paid later in the month.

(f)

Peoples, Inc. received confirmation that a major corporation has

selected their corporation to perform major consulting work. The
work will start January 1st of next year.

(g)

Peoples, Inc. purchased office equipment for $6000. The company

signed a 2-year note payable with ACME Office Equipment
Company.

(h)

Peoples, Inc. paid $1800 for a 1-year license to operate as a

business.

(i)

Peoples, Inc. collected $800 of the money owed from (e).

(j)

Peoples, Inc. paid $400 of the amount it owed from (c).

(m)

Peoples, Inc. paid $500 for rent during the month.

(n)

Dividends of $700 were paid during the month.