Journal Entries, Posting
Sony Corporation is a leading international supplier of audio and video equipment. The Sony annual report at the end of the 2011 fiscal year included the following balance sheet items (Japanese yen in billions):
$$
\begin{array}{lr}
\hline \text { Cash } & ¥ 1,014 \\
\text { Receivables } & 744 \\
\text { Prepaid expenses } & 603 \\
\text { Land } & 146 \\
\text { Accounts payable, trade } & 793 \\
\hline
\end{array}
$$
Consider the following assumed transactions that occurred immediately subsequent to the balance sheet date (Japanese yen in billions):
$$
\begin{array}{lr}
\hline \text { a. Collections from customers } & ¥ 567 \\
\text { b. Purchase of land for cash } & 20 \\
\text { c. Purchase of } 2 \text {-year insurance policy for cash } & 12 \\
\text { d. Disbursements to trade creditors } & 499 \\
\hline
\end{array}
$$
1. Enter the five account balances in T-accounts.
2. Journalize each transaction.
3. Post the journal entries to T-accounts. Key each posting by transaction letter.