Reference no: EM132482838
Required:
Question 1: Preapre a Record the debit and credit in the appropriate account for each of the following transactions (transaction 1 is done for you):
1. Issued common stock for cash
2. Purchased equipment on credit
3. Paid for a one-year insurance policy
4. Billed a customer for repairs completed today
5. Paid this month's rent
6. Collected the amount billed in transaction 4 above
7. Collected cash for repairs completed today
8. Paid for the equipment purchased in transaction 2 above
9. Signed a union contract
10. Collected cash for repairs to be made for customers next month
11. Transferred this month's portion of prepaid insurance to insurance expense.