Reference no: EM132510399

Question - Lourdes Yabar opened a computer repair business on May 1, 2019. During the first month of operations, the firm had the following transactions.

May 1 Lourdes Yabar invested $33,000 cash in the business.

May 2 Issued Check 101 for $2,300 to pay the rent for May.

May 3 Purchased supplies for $1,600. Paid with Check 102.

May 4 Bought equipment for $10,200. Issued Check 103 for $3,200 as a down payment; balance is due in 30 days.

May 6 Returned damaged supplies, and received a cash refund of $320.

May 12 Performed services for $1,140 on credit.

May 19 Issued Check 104 for $370 to pay for a newspaper advertisement.

May 26 Issued Check 105 for $470 to pay the monthly electric bill.

May 28 Performed services for $840 cash.

May 29 Received $520 on account from credit customers.

May 29 Issued Check 106 for $270 to pay the monthly telephone bill.

May 31 Issued Check 107 for $8,800 to pay a creditor.

May 31 Issued Check 108 for $3,700 to Lourdes Yabar for personal expenses.

Required - Prepare journal entries to record the above transactions. Post the transactions into the appropriate Cash general ledger account.