Refer to the T-accounts constructed in PE 3-17. Using the ending balances in those T-accounts, construct a trial balance. Note: The only account that is common to these two sets of T-accounts is the cash account; add the two cash account balances together to get the total balance.
3-17
Construct a T-account representing each account impacted by 3-11 & 3-12. Post all of the journal entries to these T-accounts. Compute the ending balance in each account. Assume that the beginning balance in each T-account is zero.
3-11
Journal Entries
The company borrowed $85,000 in cash from Eastern Bank.
3-12
Journal Entries
The company used $45,000 in cash to purchase land on the west side of Hatu Lake.