Reference no: EM133124862

Question - Ivanhoe Computer Corporation had the following opening account balances at the end of April: Cash $4,000; Accounts Receivable $6,500; Accounts Payable $3,000; Common Shares $5,000; and Retained Earnings $2,500. It entered into the following transactions during the month of May:

1. Purchased equipment on account for $8,300.

2. Paid $1,200 for rent for the month of May.

3. Provided computer services for $3,800 on account.

4. Paid Ontario Hydro $500 cash for utilities used in May.

5. Borrowed $20,500 from the bank.

6. Paid supplier for equipment purchased in transaction 1.

7. Purchased a one-year accident insurance policy for $500 cash.

8. Received $2,700 cash in partial payment of the account owed in transaction 3.

9. Declared and paid $500 of dividends to shareholders.

10. Paid income tax of $250 for the month.

Required - Journalize the transactions.