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