Required: Post the following transactions to the appropriate accounts: (1) Issued share capital 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 the 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) Recorded the use of one month of the rent paid for in transaction (2). Cash Bank Loan Share Capital Repair Revenue (1) 5,000 |(1) 5,000 Accounts Receivable Accounts Payable Electricity Expense Prepaid Expense Rent Expense Unused Supplies Supplies Expense

Required: Post the following transactions to the appropriate accounts: (1) Issued share capital 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 the 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) Recorded the use of one month of the rent paid for in transaction (2). Cash Bank Loan Share Capital Repair Revenue (1) 5,000 |(1) 5,000 Accounts Receivable Accounts Payable Electricity Expense Prepaid Expense Rent Expense Unused Supplies Supplies Expense

Name: Required: Post the following transactions to the appropriate accounts
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Description: Required: Post the following transactions to the appropriate accounts:(1) Issued share capital 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 com

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject:- accounting
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