Transactions for Khalid for the month of September, 2016 are presented below. Khalid invested $450,000 to start his business. Purchased land costing $25,000 for cash. Purchased equipment costing $12,000 for $4,000 cash and the remainder on credit. Purchased supplies on account for $800. Paid $1,000 cash for insurance. Required: Prepare Journal entries to record the above transactions. Post to the appropriate ledger accounts. Prepare the trial balanceShow transcribed image text Transactions for Khalid for the month of September, 2016 are presented below. Khalid invested $450,000 to start his business. Purchased land costing $25,000 for cash. Purchased equipment costing $12,000 for $4,000 cash and the remainder on credit. Purchased supplies on account for $800. Paid $1,000 cash for insurance. Required: Prepare Journal entries to record the above transactions. Post to the appropriate ledger accounts. Prepare the trial balance
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