Available under Creative Commons-NonCommercial-ShareAlike 4.0 International License.
Required: Post the following transactions to the appropriate accounts:
- Issued share capital for $5,000 cash (posted as an example)
- Paid $900 in advance for three months’ rent, $300 for each month
- Billed $1,500 to customers for repairs completed today
- Purchased on credit $2,000 of supplies to be used next month
- Borrowed $7,500 from a bank
- Collected $500 for the amount billed in transaction 3
- Received a $200 bill for electricity used to date (the bill will be paid next month)
- Repaid $2,500 of the bank loan
- Used $800 of the supplies purchased in transaction 4
- Paid $2,000 for the supplies purchased in transaction 4
- Re. transaction 2: transferred this month’s rent to expenses.
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