September 16 one of Lawson’s trucks was destroyed by fire and a claim was entered against the Shippers Fire Insurance Company for $5,800. The truck was new and cost $7,500.
September 20 a bill for $23,400 for services was received from the Union Transport Company.
Payment of $16,900 was made September 23 to the Transport Company.
September 30 the claim of September 5 was paid in cash by the M. and W. R. R. Company to Lawson, and he paid by check the balance due the Transport Company.
(b) Set up the Union Transport Company account on the books of Samuel Lawson.
3. (a) From the data of Problem 1, set up the Union Car Line Company account on the books of the Dairymen’s League.
(b) From the data of Problem 2, set up the Samuel Lawson account on the Union Transport Company books.
4. (a) Analyze the following transactions from the viewpoint of the business and name the debit and credit elements of each to show:
1. The increase or decrease of assets, liabilities, and proprietorship.
2. The account titles under each of the general groups.