Reference no: EM132476691

Required:

Question 1: Post the following transactions to the appropriate accounts:

point 1. Issued common stock for $5,000 cash (posted as an example)

point 2. Paid $900 in advance for three months' rent, $300 for each month

point 3. Billed $1,500 to customers for repairs completed today

point 4. Purchased on credit $2,000 of supplies to be used next month

point 5. Borrowed $7,500 from a bank

point 6. Collected $500 for the amount billed in transaction 3

point 7. Received a $200 bill for electricity used to date (the bill will be paid next month)

point 8. Repaid $2,500 of the bank loan

point 9. Used $800 of the supplies purchased in transaction 4

point 10. Paid $2,000 for the supplies purchased in transaction 4

point 11. Re. transaction 2: transferred this month's rent to expenses.