AT&T 5GE 11:47 AM 75% < Class Ex. 172 Transactions for Ed Petry Company for the month of October are presented below. Journalize each transaction and identify each transaction by number. You may omit journal explanations. Then, you are to post the journal entries to the accounts in the general ledger. After all entries have been posted, you are to prepare a trial balance on the form provided. 1. Invested an additional $40,000 cash in the business. 2. Purchased land costing $28,000 for cash. 3. Purchased equipment costing $12,000 for $3,000 cash and the remainder on credit. 4. Purchased supplies on account for $800. 5. Paid $1,000 for a one-year insurance policy. 6. Received $3,000 cash for services performed. 7. Received $4,000 for services previously performed on account. 8. Paid wages to employees for $2,500. 9. Petry withdrew $1,000 cash from the business. Solution 172 (10 min.) 1 Gash 40.000 ... AT&T 5GE 11:47 AM for $2.500 75% Solution 172 (10 min.) 1. Cash 40,000 E. Petry, Capital 40,000 2. Land 28,000 Cash 28,000 3. Equipment 12,000 Cash 3,000 Accounts Payable 9,000 4. Supplies 800 Accounts Payable 800 5. Prepaid Insurance 1,000 Cash 1,000 6. Cash 3,000 Service Revenue 3,000 Solution 172 (cont.) 7. Cash 4,000 Accounts Receivable 4,000 8. Wages Expense 2,500 Cash 2,500 9. E. Petry, Drawing 1,000 Cash 1,000