P2-59A (L earn i ng Obj ec tiv es 4 , 5: Analy z e t he imp ac t o f bu s i ness t ransac ti ons on

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P2-59A (Learning Objectives 4, 5: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books) This problem can be used in conjunction with Problem 2-58A. Refer to Problem 2-58A.

▶ Requirements

1.  Journalize the June transactions of Martin Resources, Inc. Explanations are not required.

2. Prepare T-Accounts for each account. Insert in each T-account its May 31 balance as given (example: Cash $1,400). Then, post the June transactions to the T-Accounts.

3. Compute the balance in each account.