Reference no: EM132482821
Required:
Question 1: Post the following transactions to the appropriate accounts:
1. Issued common stock for $5,000 cash (posted as an example)
2. Paid $900 in advance for three months' rent, $300 for each month
3. Billed $1,500 to customers for repairs completed today
4. Purchased on credit $2,000 of supplies to be used next month
5. Borrowed $7,500 from a bank
6. Collected $500 for the amount billed in transaction 3
7. Received a $200 bill for electricity used to date (the bill will be paid next month)
8. Repaid $2,500 of the bank loan
9. Used $800 of the supplies purchased in transaction 4
10. Paid $2,000 for the supplies purchased in transaction 4
11. Re. transaction 2: transferred this month's rent to expenses.
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