P2-66B (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

/in /by

P2-66B (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 2-65B. Refer to Problem 2-65B.

▶ Requirements

1. Journalize the transactions of Davis 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 $1,050). Then, post the June transactions to the T-accounts.

3. Compute the balance in each account.