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.